Rupee was trading lower against the US dollar in early trade at the Interbank Foreign Exchange today on increased demand for the American currency from importers and banks.
The yuan slipped to a more than 5-1/2-year trough against the dollar on Monday, hovering within a whisker of the psychologically important threshold of 6.7 per dollar. The Turkish lira rose 3 percent against the dollar on Monday, extending a bounce after Turkish authorities thwarted a coup attempt over the weekend and calmed investor concerns about geopolitical risks.
- Sterling firmer, helped by Softbank bid for ARM.
- Turkish lira rises 3 pct vs dollar, extends bounce after coup fails.
- China’s yuan slips to new 5-1/2-year low, state banks sell dollars.
- Yen retreats as Turkish government quashes coup attempt.
USDINR opened higher and was able to sustain higher to close on a positive note.
It may act as a short reversal point for the pair as sustaining above 100 day EMA suggests that it may trade above the resistance of 67.4000 while 66.9500 is strong support.
EURINR opened below the previous close and held at lower levels for the entire session.
It ended above the key support of 74.1500 as seen on daily charts below which sell offs can be seen whereas 74.6000-74.8000 is seen as strong resistance range.
GBPINR traded in a sideways range and closed below the previous session closing.
Nearest support for the counter so seen is around 88.4000 below which selling pressure may be seen while 89.8000 will now act as important resistance.
JPYINR was able to sustain higher during the session after the consecutive lower lows on daily charts.
Now, it may be a pullback zone for the counter as further buying can take the pair towards the resistance range of 64.2000-64.7000 while 63.0000 is seen as key support.
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