The Rupee pared its initial losses to rule stable at 66.74 against the American currency in late morning deals on bouts of dollar selling by banks and exporters amid bearish dollar overseas as well as higher domestic equities.
The yen hit its strongest in three weeks, pushing past 102 yen per dollar for the first time since early July after Japan’s cabinet approved a package of spending including 13.5 trln yen in new fiscal measures. Dollar has been sold steadily since surprisingly weak U.S. second-quarter growth numbers last week.
- Euro hits 5-week high, yen up after stimulus announced.
- Dollar mired near 3-week low, Aussie pares post-RBA losses.
- Weak risk sentiment hurts Asia FX, yuan soft on lack of PBOC presence.
- Japan confirms further stimulus measures totalling JPY 28.1 trln.
USDINR again moved in the same range as of previous session and closed on a flat note with slight negative bias.
If it holds below 66.9000 then it may further fall towards the next support of 66.7000 while any closing above 67.1000 can result in some correction on higher side.
EURINR headed northwards carrying forward the six day consecutive bull run as seen on daily chart.
It closed around the 100 day EMA and if it continues to move above 75.2000 then next resistance is seen around 75.4000 and 74.8000 is still acting as good support.
GBPINR opened flat but extended towards north during the intraday session and closed higher against the previous close.
Trend for the counter still seems to be week and so sell on highs can be seen i.e. near the resistance range of 89.2000-89.3000 whereas 88.3500 may act as important support.
JPYINR was moving with sideways to positive bias and bulls became aggressive after the stimulus package news.
It strongly resisted at 66.0000 mark but strong closing indicates strength can be seen above it while 65.5000-65.2500 is seen as support range.
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