The Indian Rupee opened 5 paise higher at 68.8575 against the US dollar as dollar softened in opposition to the euro and Yuvan amid constant foreign fund inflows. Apart from this from energy front, bolstered by reports of raising US crude inventories as well as the introduction of sanctions against Iran, the prices of oil remain steady on Wednesday.
Against Asian peers, dollar edged lower, extending slide for a second day as trade tensions faded, while Pound wallowed near one-year lows, pressured lower by Brexit concern.
• China Foreign Exchange Reserves (MoM) above forecasts ¥3.1T in July: Actual ¥3.118T.
• New Zealand RBNZ Inflation Expectations (QoQ) remains at 2% in 2Q.
• Australia Investment Lending for Homes fell from previous -0.1% to -2.7% in June.
USDINR showed sideways movements and closed with partial loss.
Currency pair found strong support on lower levels may continue bullish movements if able to sustain above its immediate resistance. EURINR showed negative movements and closed with bearish bias.
Currency unable to sustain above 80.0000 levels and showed correction, if continue to trades below it then next support is seen around 79.6000. GBPINR showed negative movements throughout the session closed with loss.
Closing below its support zone suggesting more negative movements in it and may find support around 88.2000. On upward side 89.0000 is strong resistance for it JPYINR showed positive movements and closed with partial gain.
Currency pair unable to sustain on lower levels showed bullish movements and may continue rally if trades above psychological level of 62.0000.
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