The Indian Rupee fell by 5 paise to open at 68.6025 and swing around in the range of 68.8075 and 68.5650 against the US dollar on account of increasing demand from importers and strengthening of dollar against basket of currencies. Moreover, the Rupee sentiment was also hitted as due to costlier crude oil imports, India’s trade deficit widened to a more than three-and-a-half-year high of $16.6 billion. On contrary, the dollar was holding steady as trade concerns remained in focus following the release of soft Chinese growth data
• European Monetary Union Trade Balance s.a. came in at €16.9B, below expectations €17.6B in May.
• India WPI Inflation above expectations 4.93% in June: Actual 5.77%.
• Italy Global Trade Balance came in at €3.378B, above expectations €3.25B in May.
USDINR showed sideways to positive movements closed with partial gain.
Closing above trendline acting as resistance suggesting strength in the currency pair and may continue bullish rally towards 69.0000 level. EURINR showed positive movements throughout the session closed with gain.
Sustaining on higher levels may take it towards next major resistance zone of 81.0000. On downward side 80.4000 is immediate support level.GBPINR showed positive movements closed with positive bias.
If able to sustain above its support level of 91.0000 then it may shows more bullish movements and find resistance around 91.5000. JPYINR showed sideways to positive movements closed with gain.
Form strong consolidation around its short term resistance, if able to sustain above it than bulls may active in currency pair and take it towards 61.7000 levels.
(Click to submit your details) Just one step to get best trading tips and Recommendation