Extending its rising streak for the third day, the Indian Rupee opened at 68.9200 and hovered in the range of 69.9950-68.7700 against the US dollar due to dollar’s weakness against other currencies overseas and a rally in domestic bourses. On the flip side, the dollar inched higher on Friday as market participants waited for data on the strength of the U.S. economy in the second quarter. Moreover, Strong economic growth would bolster expectations for the Federal Reserve to continue gradually increasing interest rates.
• France Gross Domestic Product (QoQ) came in at 0.2% below forecasts 0.3% in 2Q.
• Singapore Unemployment rate climbed from previous 2% to 2.1% in 2Q.
• Italy Producer Price Index (YoY) climbed from previous 2.4% to 2.9% in June. USDINR showed sideways to positive movements closed with flat note.
Sustaining above 69.0000 levels may give strength to currency pair and bulls take it towards 69.3000 mark. On downward side 68.7000 is strong support. EURINR showed sideways movements sustain on lower levels closed with loss.
Currency pair form strong consolidation around its support below which it is looks bearish and may find support near its psychological level of 80.0000. GBPINR showed sideways to negative movements closed with partial loss.
90.7000 is seen as major resistance for the currency pair if able to break in upcoming session then it may shows positive rally towards 91.0000 level. JPYINR showed sideways movements throughout the session closed with flat note.
On upward level 62.1500 is act as strong resistance zone for the currency sustaining above which may take it towards 62.3000 mark.
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