The Indian Rupee appreciate by 10 paise and opened at 67.6450 and through the day hovered in range of 67.8075 and 67.6275 against the US dollar on account of fresh selling of the greenback by exporters and banks backed up the rupee. However, the dollar slipped against basket of currencies even after the US Federal Reserve hiked rates by 25 basis points to a range of 1.75% to 2% and hinted at two more rate hikes later in the year and four in 2019.
• United Kingdom Retail Sales (MoM) registered at 1.3% above expectations (0.5%) in May.
• India WPI Inflation came in at 4.43%, above forecasts (3.76%) in May.
• China FDI – Foreign Direct Investment (YTD) (YoY): 1.3% (May) vs 0.1%.
USDINR opened with negative bias showed correction closed with flat note.
Currency unable to sustain on lower levels form consolidation around its resistance suggesting positive rally if give breakout in upcoming session.
EURINR showed positive movements found resistance on higher levels closed with gain.
If currency pair breaks its immediate support mark on intraday charts than correction can be seen in it and drag towards 79.8000 level.
GBPINR opened with positive bias showed bullish movements closed around its resistance.
Correction can be seen in currency if unable to sustain above its strong resistance level and may find next support around 90.6000. On higher side 91.2000 is resistance for it.
JPYINR after positive movements unable to sustain on higher levels showed correction closed with positive bias.
If breaks its support level than continue negative movements and may find support around 61.3000 below which it is more bearish.
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