Rupee depreciated in early trade over increased demand of greenback and weak opening of domestic equity markets on back weak IIP and increased Inflation data (CPI) which were released the previous evening. However, the US dollar’s weakness against some currencies overseas capped the losses.
The dollar hit a two-week high against a basket of currencies on Friday, posting its best fortnightly performance since February, bolstered by the views of U.S Fed. Another major event of the day was the German economy gained pace at the start of this year.
- Rupee tanks 17 paise against dollar in early trade.
- Dollar hits two-week high on rate hike bets.
- Won leads Asia FX losses on Korea rate cut bets.
- German Consumer prices in April 2016: –0.1% on April 2015.
- Italy Gross Domestic Product (YoY) above expectations (0.9%) in 1Q: Actual (1%).
USDINR opened higher on Rupee depreciation due to weak domestic data of economic growth such as IIP and CPI; and finally closed higher.
It was able to sustain higher and inched towards 67.0000 mark. On lower side, holding below 66.8000 can be a weak sign for the counter.
EURINR dragged down during the intraday session and closed on weak note as it took resistance at higher side on daily charts.
Now, if it is able to sustain below 76.0000 then it may move towards the trend line acting as good support i.e. around 75.7500.
GBPINR was unable to gain momentum on higher side rather closed in red territory.
The trend line so coming on daily charts from recent highs can be a breakout point if the counter surpasses 96.8500 level and on lower side 96.3000 is acting as important support.
JPYINR opened higher despite of short term weak trend as seen on daily chart and closed in green.
In coming session, if it sustains below 61.4500 then it may further drag down and continue the weak trend while 61.7000 is seen as resistance on higher side.
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