The Indian Rupee opened on flat note at 69.1000 and throughout the day hovered in the range of 69.1800 and 68.8475 against the US dollar on bouts of selling pressure of dollar by exporters and banks amid strong domestic bourses. Moreover, due to rising crude oil and higher inflation, the rupee is in under pressure. On the flip side, against basket of currencies the dollar fell down after Donald Trump criticized the Federal Reserve for increasing interest rates but was still on target for a second week of gains.
• United Kingdom Public Sector Net Borrowing above forecasts £3.5B in June: Actual £4.53B.
• European Monetary Union Current Account s.a below forecasts €27.2B in May: Actual €4.6B.
• Germany Producer Price Index (YoY) came in at 3%, above forecasts 2.9% in June.
USDINR unable to sustain on higher levels showed correction closed with loss.
Currency pair continue its bullish movements if trades above its immediate resistance of 69.1000 and find next resistance around 69.3000.
EURINR after positive opening showed correction closed with positive note.
Currency looking strong if sustain above its support level of 80.0000 and shows positive movements towards its resistance of 80.6000.
GBPINR showed sideways to positive movements closed with partial gain.
Psychological level of 90.0000 is act as resistance for the currency pair above which it may continue bullish rally towards 90.3000. JPYINR showed correction after positive opening and closed with gain.
61.5000 is seen as resistance zone for the currency sustaining above which bulls are again active and take it towards resistance level of 61.7000.
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