The Rupee today lost in early trade against the US dollar in the wake of increased demand for the American unit amid foreign capital outflows. Strong dollar against currencies overseas because of increased prospects a US interest rate hike and a lower opening in the domestic equity market weighed on the domestic currency.
German Ifo business climate rose unexpectedly beyond expectations, coming in at 110.5 points in Oct versus 109.5 booked in Sept. While the current economic assessment ticked higher to 115.0 points in the reported month, as compared to 114.7 in Sept and 114.9 expectations.
• Offshore yuan hits record low, dollar near 9-month highs.
• German Ifo Business Confidence Germany IFO – Expectations came in at 106.1, above expectations (104.5) in October; Increases to Highest Since 2014.
• Italy Industrial Sales s.a. (MoM) increased to 4.1% in August from previous 2.1%.
USDINR again hovered in the same range as in previous few sessions and settled on a flat note.
On daily charts, 67.0000 is continuously acting as key resistance and any closing above it can provide strength to the pair while 66.6000 is seen as strong support.
EURINR returned to its weak zone after certain positive momentum so shown in the later half of previous session.
The counter is finding strong intraday support around 72.7000 surpassing which can again generate a weak signal for it while 73.0000 may act as key resistance.
GBPINR is trading in range bound manner since last few sessions and closed on a flat note.
Selling pressure can occur if it holds below the support of 81.6500 while 82.0000-82.4000 will continue to act as resistance range for the counter.
JPYINR broke the range in which it was hovering since last few sessions and closed on negative note.
On daily chart, it showed sharp downfall below the 100 day EMA and surpassed the important support of 64.0000. Sell on highs are expected where major resistance is 64.4000.
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