Indian rupee opened marginally higher at 67.09 per dollar on Thursday versus previous close of 67.11 on increased selling of the American currency by exporters and banks. Global currency markets are cautious and range bound ahead of Yellen’s Jackson Hole speech as it could give clues on US Fed rate hike. Dollar held steady led by uncertainty ahead of a meeting of central bankers at Jackson Hole on Friday.
German business sentiment unexpectedly slipped to the lowest level in six months in August in a sign that companies are still weighing the consequences of Brexit on future demand.
- Most Asian currencies edge higher; rupiah sags.
- Dollar range bound as investors await Yellen’s Jackson Hole speech.
- German Ifo Confidence Falls as Businesses Fear Fewer Orders.
- UK Retail sales beat expectations.
- Swiss Industrial Orders (YoY) Q2: -5.60% (rev prev -2.30%).
USDINR dragged in the last session after previous two subdued sessions and closed in red.
It found strong support of 67.0000 and if it slips below this mark then further bears are expected. On higher side, 67.2000 is seen as immediate resistance.
EURINR traded below the closing of previous session and on a flat note with slight negative bias.
On daily charts, 75.5000 is seen as important support holding below which can result in further correction. Strength can again be encountered if it closes above 75.8000.
GBPINR opened gap down and gradually dragged for the whole session after short bull rally over last few sessions.
It found strong resistance near 89.0000 and if correction on lower side happens from current levels, then 88.2000 can act as immediate support.
JPYINR traded below the previous session’s close and closed with loss.
On daily charts, it closed below the trend line so coming from recent lows and now, 66.5000 is seen as major support whereas 66.9000-67.0000 is seen as resistance range.
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