The rupee appreciated by 13 paise to 69.2600 against the United States (US) dollar in early trade on Tuesday driven by weakening of the green-back in overseas markets and sustained foreign fund inflows.Moreover, selling of the American currency by exporters, fresh foreign fund inflows and easing crude oil prices supported the rupee.The U.S. dollar hit three-week lows as growing expectations for an interest rate cut by the Federal Reserve pressured Treasury yields, while persistent concerns over the global growth outlook boosted the safe haven yen.
- Asian stocks: Doubts over economic growth, monetary policy favor bears
- Dollar drops as rate cut bets mount, yen hits five-month high
- Australian Dollar Steady After RBA Decision to cut rates to a historic low of 1.25%
- UK construction companies indicated a renewed decline in total business activity during May.
USDINR was able to manage on a flat to positive note after a gap down opening for the session.
Major support for the currency pair is still seen around 69.0000 mark whereas immediate resistance is seen in the range of 69.5000-69.6500.
EURINR after a strong opening was able to sustain at higher levels and closed on a strong note.
It seems to reverse from bottom levels where mark of 78.0000 is seen as strong support and 78.5500 is seen as important resistance to it.
GBPINR showed bullish sentiments after a weak start for the session and closed in green.
Now, if the currency pair is able to hold above 88.3000 then it may continue bulls towards next resistance levels whereas 88.0000 is seen as strong support for the same.
JPYINR after a flat opening managed the up move for the session and closed around the near resistance levels.
Any closing above 64.5000 can continue the bulls whereas support range from current levels is seen in the range of 64.2000-64.0000.
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