On fresh dollar demand from banks and importers, the Indian Rupee apreciated by 13 paise to open at 70.0250 against the US dollar. However, weakening of dollar against major peers and fresh foreign fund inflow limited the rupee losses.
On the other side, dollar was holding steady near a one month low against major Asian peers as the United States and Mexico agreed to overhaul the North American Free Trade Agreement which boosted risk appetite, while the pound was pressure lower amid continung feras over a no-deal Brexit.
• Ireland Retail Sales (MoM) increased to 6.5% in July from previous -3.4%.
• European Monetary Union M3 Money Supply (YoY) registered at 4%, below expectations 4.3% in July.
• European Monetary Union M3 Money Supply (3m) remains at 4.1% in July. USDINR showed positive movements unable to sustain on higher levels closed with partial loss.
More correction can be seen in particular currency pair if able to sustain below its psychological level of 70.0000. On higher side 70.3000 is act as resistance. EURINR showed positive movements sustain on higher levels closed with gain.
Closing above its resistance level on daily chart suggest more strength to the currency pair and continue bullish movements towards 82.5000. GBPINR gave positive movements broke its resistance but closed below it.
If sustain below its resistance in upcoming session then it may give more correction towards its immediate support zone of 90.0000. JPYINR open with negative bias unable to sustain on lower levels closed with partial loss.
Sustaining above 63.0000 levels shows strength in currency may continue bullish movements towards its resistance level of 63.5000.
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