The Rupee opened at 67.4250 depreciated by 9 paisa, made a fresh low of 67.4375 and high of 67.1150 in early trade due to weakness of the American currency overseas amid sustained foreign capital outflows. The Rupee’s fall to increased demand for the US currency from importers. However, strong domestic equity market capped the rupee’s losses. Against basket of currencies, Dollar rose to fresh four month highs on account of rising U.S. Treasury yields and broadly solid economic data. Volatility is expected as speech of US President in the late night today.
• Spain 12-Month Letras Auction declined to -0.414% from previous -0.412%
• Germany Current Account n.s.a. above expectations (€27B) in March: Actual (€29.1B)
• South Africa Net $Gold & Forex Reserve down to $43.115B in April from previous $43.384B
USDINR showed correction from higher levels drag down and closed with partial loss.
Closing above its support level still shows strength in currency; immediate resistance is seen around 67.5000 above which it is more bullish.
EURINR broke its strong support on daily charts and closed below it.
Sustaining below its psychological level may take it towards next support mark of 79.5000. On upward side 80.2000 is act as strong resistance for it.
GBPINR unable to sustain on higher levels showed correction closed near to its support.
If currency pair shows strength and able to maintain above its immediate resistance than 91.4000 is halting point for it. On lower side 90.5000 is support mark.
JPYINR found resistance on higher levels showed correction closed with partial gain.
Closing above its resistance level shows strength in it and may continue bullish movements if sustain above 61.9000. Downward side 61.5000 is act as support.
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