The Rupee depreciated by 16 paise to trade at fresh three-week low of 67.21 against the dollar at the forex market today following increased demand for the American currency from importers and banks(+0.4% in June and in May).
The dollar firmed up against some global currencies on US interest rate hike hopes this year after the Federal Reserve Vice Chairman Stanley Fischer said country’s economy was picking up, which weighed on the rupee. However, a higher opening of the domestic equity markets capped the rupee’s losses.
- Dollar strengthens on Fischer’s upbeat comments.
- Asian currencies retreat after upbeat Fed comments.
- USD/CNY hits fresh 4-week highs, Yuan fix at 1-year lows.
- China’s cabinet says government will maintain ample liquidity in banking system.
USDINR extended the bulls after closing around 67.0000 in the previous session and closed strong.
It closed around the resistance of 67.2800 and if it is able to hold above this resistance, then it may lead towards the next resistance of 67.5000.
EURINR again closed around the key resistance levels after finding support at lower levels.
Breakouts above 76.0000 can head the counter towards 76.3000 while any closing below 75.7500 can be a sign of correction.
GBPINR again found the support of trend line on daily charts and closed in green territory.
It is facing stiff resistance of 88.2850 sustaining above which can head it higher while support is seen in the range of 87.7000-87.3000 from current levels.
JPYINR is able to sustain in the same range since last four sessions and closed in the same range.
If it is able to surpass the resistance of 67.0500 so seen ahead then bulls can be seen whereas any closing below 66.5000 can be a weak signal for the currency pair.
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