Indian Rupee lost its shine against the American currency for the sixth consecutive session and also tested fresh two month low after minutes from recent FOMC which suggested June rate hike. Emerging Asian currencies lost ground on Thursday, with China’s yuan falling to levels not seen since early March.
UK retail sales for April came in much stronger-than expected and staged a solid rebound from the drop seen previously. It jumped 1.3% in April, while sales excluding fuel picked up even more by 1.5%.
- Dollar pauses after surge to 3-week high.
- Revived US rate hike view hits Asia FX; yuan at 2-1/2 month low.
- South Korea won falls to near 9-week low; stocks extend losses.
- UK retail sales rebound sharply in April, beat estimates.
USDINR continued the positive momentum for the third consecutive session and gave breakout from the resistance of 100 day EMA which it was facing since several sessions.
Strong closing may lead it towards 67.6000-67.8000 in coming session while near support is seen near 67.3000.
EURINR witnessed a range bound session as it did not show any major moves.
On daily charts, if it is able to sustain above 75.8000 then only up move can be seen in the counter while any closing below 75.5000 can result in its decline.
GBPINR strongly traded during the intraday session and continued the bulls so seen in the previous session.
On daily charts, it finally gave breakout of the channel pattern. Now, next major resistance is seen around 99.0000 while 97.8000 will now act as good support.
JPYINR opened on lower note but intraday gains made it to close in green.
On daily charts, strong support is seen around the trend line i.e. around 60.9000 while 61.7000 is seen as immediate resistance from current levels.
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