The Indian Rupee opened weak at 70.0725 and throughout the day traded in the range of 70.3500 and 70.0725 against the US Dollar due to fresh buying of the American currency by importers and banks. However, higher opening of domestic bourses capped the losses to some extent. On contrary, dollar slips against major Asian peers while yuan gained even after official data showed China’s industrial profits recorded their first contraction since December 2015. Moreover, the U.S. and China are set to resume trade talks in early January.
- Spain Retail Sales (YoY) declined to 1.4% in November from previous 1.8%
- The Australian Dollar slipped only slightly against its US counterpart on Thursday following news of Chinese industrial profits’ first fall since December 2015.
- U.S. home-price gains keep slowing as higher rates scare off buyer.
USDINR open with positive bias trades on higher level and closed around its resistance.
70.4000 is immediate support zone for the currency pair if able to sustain above this mark then it may shows positive movements towards 71.0000.
EURINR showed positive movements throughout the session closed around its day high.
If currency pair continues this bull run then it may find resistance near 81.0000 level above which it may shows more bullish movements.
GBPINR found strong resistance on higher levels showed correction closed with flat note.
Breakout above 89.5000 level may give strength to particular currency pair and shows positive movements towards its next resistance zone of 89.8000.
JPYINR after negative opening found support on lower levels closed with positive bias.
Now, 63.5000 is act as strong support level for the currency sustaining above this mark may leads it towards resistance zone of 64.0000.
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