The Rupee strengthened 8 paise against the dollar in early trade on Wednesday, led by dollar selling by banks and exporters amid surge in foreign inflows. At 64.96 level, the currency was trading above 65-mark against dollar for the first time since October 28, 2015.
The dollar held onto modest against other major currencies on Wednesday, still supported by the previous session’s strong U.S. data and as investors focuses on the official beginning of the Brexit process set for later in the day.
• United Kingdom M4 Money Supply (YoY) fell from previous 7% to 5.7% in February.
• Sweden Consumer Confidence (MoM) dipped from previous 104.5 to 102.6 in March.
• Switzerland ZEW Survey – Expectations climbed from previous 19.4 to 29.6 in March.
USDINR continued the bears for the third consecutive session and tested deeper supports.The currency pair surpassed the important support level on daily chart and weakness is expected to continue till it sustains below it whereas 65.5000 may act as key resistance.
EURINR showed major downfall from the resistance levels on daily chart.It took stiff resistance around the mark of 71.0000 and now 70.0000 is seen as immediate support while 70.8000-71.1000 is seen as important resistance range.
GBPINR opened the session with a huge gap and the counter sustained on lower levels.It took support around 81.0000 and held above it which indicates that 81.5000 is the immediate resistance while 80.6000 may act as major support for it.
JPYINR although opened gap down but found support at lower levels and gradually inched higher during the session.If the currency pair sustains above the mark of 59.0000 then it may soon test the resistance range of 59.2000-59.4000. On lower side, 58.5000 may continue to act as key support.
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