The Rupee apreciated by 7 paise to open at 68.7975 and hovered around in the range of 68.9800 and 68.5625 against the US dollar on account of on increased selling of the US currency by exporters and banks amid higher opening in the domestic bourses. Conversely, demand for the dollar continued to be underpinned by the relative strength of the U.S. economy and the prospects of additional rate hikes by the Federal Reserve this year.
• European Monetary Union Unemployment Rate came in at 8.4%, below expectations 8.5% in May.
• United Kingdom Markit Manufacturing PMI came in at 54.4, above expectations 54 in June.
• Italy Unemployment came in at 10.7% below forecasts 11.1% in May.
USDINR showed positive movements closed near to its resistance level.
Now, currency pair sustains above its psychological level then it may continue bullish movements and find next resistance around 69.3000.
EURINR found resistance on higher levels and closed near to it.
Closing around its strong resistance suggesting more positive movements in the currency towards 80.8000 level. On lower side 80.0000 is strong support for it. GBPINR showed bullish movements throughout the session closed with positive note.
Now, level of 91.0000 is act as strong resistance for the currency pair sustaining above which may take it towards 91.3000 level. JPYINR unable to sustain on lower levels showed positive movements closed with gain.
Form strong consolidation around its resistance zone if give breakout in upcoming session then next resistance is seen around 62.8000 level.
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