The Rupee turned weak by 12 paise to 66.83 against the dollar today at the foreign exchange market after the American currency gained ground following a spurt in demand from importers. Strength in the dollar against some other currencies overseas on the prospects of higher US rates also weighed on the rupee, but a higher opening in the domestic equity market meant the losses were limited.
China’s yuan weakened on Monday as the dollar strengthened again, but traders were hesitant to buy greenbacks amid concern the central bank may step in try to halt the Chinese currency’s slide.
- China’s yuan touches fresh six-year low, but trades in thin range.
- Firm dollar undermines Asia FX, bonds; yuan at fresh 6-year low.
- Dollar hits 7-month high after upbeat U.S. data, rise in yields.
- Sterling mired near lows, hurt by gilts sell off and politics.
USDINR found support at lower levels during the session and closed higher against the previous close.
On daily chart, the pair is again near to the key resistance of 67.1000 and it needs a closing above it to continue the up move while 66.8000 may act as immediate support.
EURINR traded on lower levels for most part of the session but recovery in the later half made it to close on a flat note.
Weakness can be seen in the pair till it holds below 73.7000 while 73.4000-73.0000 can act as crucial support range. On higher side, 74.0000 is seen as key resistance.
GBPINR is continuing to trade in the weak zone and even surpassed the recent lows on daily chart.
Key support seen ahead in the pair is 81.0000 mark while 81.9000-82.1000 may resist the counter to move northwards. Sell on rise can continue in this pair.
JPYINR sustained higher against the previous close and closed in green territory.
It sustained below the neckline of double top pattern and still weak trend may continue till it sustains below 64.4000 and 64.0000 may act as immediate support.
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