The rupee deprecated by 31 paise and fell to 71.2150 against the dollar in early trade on Tuesday amid strengthening of the American currency and weak opening in domestic equities. The Indian government waived budget surcharge on Foreign Portfolio Investments (FPI) and pleased the INR buyers on early-day. However, pair’s losses were limited as the US-China talks in Beijing dragged upon Kashmir issue. Investors will now await the US inflation numbers, coupled with key trade/political headlines.Fundamental News
- USD/INR plummets from fresh 6-month high despite a shift in market sentiment.
- Japan’s Seko: S. Korea failed to justify trade restriction, USD/JPY off highs.
- Dollar jumps in Asia amid better risk mood; UK jobs, ZEW eyed.
- German yield curve inverts as 10-year yield drops below 3-month yield.
USDINR opened with positive momentum and continued the up move during the session. Now, the crucial resistance which is seen ahead is in range of 71.6000-72.0000. On lower side, 71.0000 is seen as immediate support on daily charts.EURINR continued the bull trend as on daily charts and closed on positive note. If the positive momentum continues then 80.5000 is seen as immediate resistance whereas 79.6000 is seen as support on lower levels.
GBPINR violated the bearsish moves so seen in last three consecutive sessions and closed near to resistance levels. On daily charts, 86.7500 is the important resistance seen ahead for the counter whereas bears may become active if the pair sustains below 85.8000.
JPYINR found support around lower levels and moved towards resistance levels and closed on strong note. If the currency pair sustains below 67.0000 then it may drop towards the support of 66.6000 whereas 67.2000 is seen as immediate resistance for it.
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