The Rupee opened at 67.1000 and moved between 66.9050 and 67.1825 in today’s trading hour against the dollar. Pressure on Rupee might increase after the benchmark US treasury yield pierced the 3% mark and rising crude oil prices and widening current account deficit could significantly reduce demand for the Indian currency. The dollar was holding steady near three-and-a-half month highs. Demand for the dollar continued to be underpinned by rising U.S. yields and the prospect of a faster pace of rate hikes by the Federal Reserve this year.
- United Kingdom CBI Distributive Trades Survey (MoM) Actual (-2%) below forecasts (5%) in April.
- South Africa Producer Price Index (MoM) Actual at -0.2% below forecasts (0.25%) in March.
- South Africa Producer Price Index (YoY) Actual at 3.7%, below expectations (4.1%) in March.
USDINR open with negative bias and sustained on lower levels closed in red. Closing below psychological level of 67.0000 suggesting more correction in it and may find support around 66.7000. On higher levels 67.2000 is resistance zone.
EURINR after negative opening found support on lower levels closed with loss. If break support in upcoming session, than more negative movements were seen in it towards 81.2000 level. On upward side 82.0000 is act as resistance.
GBPINR unable to sustain on lower levels showed correction closed with partial loss. Now, 93.7000 is immediate resistance mark if sustain above this level than it may shows more bullish movements towards 94.0000 mark.
JPYINR showed sideways movements after negative opening closed with bearish note. Currency continuously showed negative movements on daily charts trades around its support expected to give more bearish rally in coming session.
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