The battered rupee strengthened by 14 paise to open at 74.3600 and hovered in the range of 74.4750 and 74.2225 throughout the day against the US dollar after the American currency weakened overseas amid increased selling by exporters. Beside this, RBI decide to inject Rs 12,000 crore liquidity into the system through purchase of government bonds on October 11 to meet the festival season demand for funds also bolstered the recovery in rupee. On the flip side, rally in dollar paused against major Asian peers as the yield on 10-year Treasury notes eased after touching fresh seven-and-a-half year highs.
- Euro remained on the back foot amid an ongoing row between Italy’s populist government and the European Commission over the country’s budget plans.
- Sterling was touch higher after reports that Britain and the EU were making progress towards a Brexit deal.
USDINR showed sideways movements after negative opening and closed with partial loss.
74.6000 is act as strong resistance zone for the currency pair above this level bull are again active and take it towards next resistance.
EURINR after positive opening showed correction and closed in green.
Sustaining above 85.7000 level in upcoming session give strength to particular currency pair and may find next resistance near 86.0000.
GBPINR opened with positive bias showed sideways movements closed around its day high.
Now, immediate resistance for the currency pair is seen around 98.1000 breakout above which may take it towards 98.5000 level.
JPYINR found resistance on higher levels showed correction closed with loss.
65.5000 is act as strong support zone for the currency if able to sustain below it then more correction can be seen in it towards 65.3000 mark.
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