The Indian rupee strengthened against the US dollar ahead of the key macro data as opened 5 paise higher at 64.38 against dollar on Friday on account of selling of American currency by banks and exporters.
Most of the Asian currencies edged up on Friday, trimming their losses on the week, as traders took profits in the dollar. The dollar index, up nearly 1 per cent for the week, was set for its first weekly rise in five. It was down 0.1 per cent on the day. The Indian rupee rose 0.14 per cent to 64.283 per dollar, ahead of the inflation and industrial production data due later in the day.
• Asian currencies recover on dollar profit-taking.
• Dollar inches away from 8-week high vs yen.
• German Production in March 2017: –0.4% seasonally adjusted on the previous month.
• China M2 Money Supply (YoY) below forecasts (10.8%) in April: Actual (10.5%).
USDINR continued the bear moves so observed in the last session and closed in red.
Now, the currency pair again reached to the weak zone and support is seen in the range of 64.3500-64.2000 whereas 64.8000 is seen as immediate resistance.
EURINR dragged successively on the fourth session and closed in red territory.
The counter is getting strong support around the psychological mark of 70.0000 and strength can be seen if it maintains above 70.5000.
GBPINR slipped for the second consecutive session and closed on weak note.
If it surpasses 82.7000 then it may further drop towards the lower levels whereas 83.2000-83.5000 may act as resistance range for it.
JPYINR consolidated in a particular range and remained on lower side.
It is near to the key support of 56.5000 holding below which can further drag the currency pair while 56.8000-57.0000 is seen as immediate resistance.
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