The Indian rupee extended its fall for the third consecutive trading session and throughout the day traded in the range of 70.7800 and 70.4350 against the US dollar amid weakness in the American currency on uncertainty over Federal Reserve rate hikes following the release of Fed meet minutes. Moreover, falling crude oil prices and fresh foreign fund inflows weaken the sentiments of Rupee.On the flip side greenback was slightly higher after dovish minutes from the Federal Reserve in the previous session caused a steep decline in the dollar.
- China’s December PPI up 0.9% compared to expected 1.6%.
- Greece Unemployment Rate (MoM) unchanged at 18.6% in October.
- France Industrial Output (MoM) registered at -1.3%, below expectations 0% in November.
- Denmark Inflation (HICP) (YoY) remains at 0.7% in December.
USDINR showed sideways movements throughout the session closed with partial loss.
Currency pair continue its correction phase if able to sustain below its strong resistance of 70.8000 and drag towards psychological level of 70.0000.
EURINR showed correction after positive opening closed around its day low.
Now, sustaining below its support of trendline it may drag towards dipper level of 81.0000 and on higher side it find resistance around 81.7000.
GBPINR found resistance on higher levels after positive opening and closed with flat note.
For upcoming session sustaining below psychological level of 90.0000 drag particular currency pair towards its support zone of 89.5000.
JPYINR after positive opening showed sideways to bearish movements closed with gain.
More correction can be seen in particular currency pair if able to sustain below 65.0000 level and find next support near 64.8000.
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