Rising for a second straight day, the rupee firmed up by 6 paise to close at 66.96 against the greenback due to sustained dollar selling from exporters amid weak overseas tone.
The Chinese yuan is expected to weaken more than previously thought in a year from now as a slowdown in growth in Asia and rising chances of a near-term interest rate hike in the U.S. boost the dollar.
August saw solid rebounds in the trends in UK manufacturing output and incoming new orders.
- Asian currencies sag, ringgit and won lead losses.
- UK Manufacturing PMI climbs to ten-month high in August.
- Eurozone manufacturing growth at 3 month low in August.
- French Output stabilises despite sharper decline in new orders.
- Italian Manufacturing PMI falls to 20-month low in August.
USDINR extended the bears for the third successive session and closed again on a weak note.
On daily charts, it closed around the key support of 67.1700 and below it may further show southward movements. On higher side, 67.4000-67.5000 is seen as resistance range.
EURINR slipped on lower sides but gained certain momentum in the later to close above the previous close.
If the counter continuously dropped down in the coming session then 74.7000 may act as important support while 75.3000 is seen as resistance if it sustains above 75.0000.
GBPINR surged on strength in GBP on back of PMI data and closed on a strong note.
If it holds above the 89.0000 mark then it may show up move towards 89.4000 whereas 88.3000 may act as major support for the counter.
JPYINR underwent bear attack since last few sessions and closed below the important support mark.
On daily charts, closing below 65.2500 is a weak sign for the currency pair and now 64.5000-64.3000 may act as support range.
(Click to submit your details) Just one step to get best trading tips and Recommendation.