The Indian Rupee appreciated by 15 paise to open at 68.5400 and hovered in the range of 68.5450 and 68.3500 against the US dollar on account of fall in global crude oil prices and fresh selling pressure of dollar by banks and exporters. On the flip side, dollar edged down ahead of US Federal Reserve Chairman Jerome Powell’s first congressional testimony for hints on the pace of interest rate hikes. Moreover, market participants also watched President Donald Trump and Russian President Vladimir Putin convene for a summit in Helsinki, Finland.
• United Kingdom Average Earnings including Bonus (3Mo/Yr) in line with expectations 2.5% in May.
• United Kingdom ILO Unemployment Rate (3M) meets expectations 4.2% in May.
• Italy Industrial Orders s.a (MoM) rose from previous -1.3% to 3.6% in May.
USDINR showed sideways to positive movements closed with loss.
Currency pair unable to sustain on lower levels form consolidation around its intraday resistance suggesting positive strength towards 68.7000. EURINR showed sideways to positive movements throughout the session closed with loss.
Currency found support on lower levels showed positive strength and able to close near to its resistance, may continue bullish movements towards 80.8000. GBPINR showed sideways to negative movements closed with negative note.
90.4000 is seen as immediate support for the currency pair sustaining below which may drag it towards next support zone of 90.2000. JPYINR showed sideways movements and closed with negative bias.
Psychological level of 61.0000 is act as resistance zone for it, if sustain above it then give some positive movements towards 61.4000 level.
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