The Indian rupee on Tuesday weakened against the US dollar as it opened 11 paise down at 64.42 on back of buying of American currency by banks and exporters and it mainly tracked the losses in Asian currencies markets.
The euro pulled back from recent six-month highs on Tuesday, but remained well-supported as fading worries over political populism and signs of improving economic conditions in Europe bolstered investor confidence.
• Asian currencies edge down as Macron relief rally fades.
• Italy Retail Sales s.a. (MoM) rose from previous -0.3% to 0% in March.
• Japan real wages growth slowest in nearly two years.
• German Production in March 2017: –0.4% seasonally adjusted on the previous month.
USDINR opened with a positive bias and continued the momentum throughout the session.
It moved strongly towards the northward direction and now may face stiff resistance near the mark of 65.0000 whereas 64.5000 is seen as immediate support.
EURINR moved in the same range as of previous session and closed on a flat note with positive bias.
It is still resisting near the mark of 71.0000 whereas 70.5000 has been acting as good support surpassing which may drag it lower.
GBPINR opened on a strong note and managed to sustain at higher levels.
It surpassed the resistance level of 83.7500 on daily chart and closed around it. If it continues to trade higher, then 84.0000 may resist it to move ahead.
JPYINR opened gap down and dragged for the entire session to close on negative note.
It closed at the key and psychological support level of 57.0000 and holding below it can further drag the currency pair lower while 57.2000 is seen as near resistance.
(Click to submit your details) Just one step to get best trading tips and Recommendation.