The Indian Rupee opened at flat note at 67.0300 and throughout the day it hovered in the range of 67.2725 and 67.0050 against the US dollar on account of repo rate hike and fresh demand for the American unit from importers and banks. However, the dollar’s weakness against rival currencies, including the euro, limited the rupee’s fall. Moreover, the U.S. dollar’s dominance is forecast to fade soon, with any sudden change in expectations for the policies of other central banks posing the biggest risk.
• Singapore Foreign Reserves (MoM) increased to 287.9B in May from previous 287.7B.
• European Monetary Union Gross Domestic Product s.a. (YoY) meets expectations (2.5%) in 1Q.
• Greece Unemployment Rate (MoM): 20.1% (March) vs previous 20.8%.
USDINR found support on lower levels showed correction closed with partial gain.
Currency moves in tight range of 50 paise breakout on any side may decide further trend. 67.0000 is support for it whereas 67.5000 is act as resistance.
EURINR showed bullish movements throughout the session closed with positive note.
Closing above its resistance level suggesting more positive movements in it and may find resistance around 79.8000. On lower levels 79.3000 is support mark.
GBPINR showed sideways to positive movements closed with some gain.
Currnecy pair unable to sustain on higher levels showed correction in last trading hour closed around its intraday support suggesting some correction towards 90.0000.
JPYINR showed sideways to bullish movements closed near to its short term resistance.
Sustaining above 61.2500 may give more correction in currency pair and may find next resistance around 61.5000. On lower side 61.0000 is immediate support.
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