The Indian rupee lost ground on Monday as the country’s well-regarded central bank governor unexpectedly decided to step down, prompting doubts over future efforts to reform policies and tame inflation. Other emerging Asian currencies, by contrast, rose as sentiment improved on growing hopes that Britain will vote to stay in the European Union.
Sterling rallied after opinion polls swung in favour of the campaign for Britain to stay in the European Union.
- India rupee falls on Rajan’s surprise decision to step down; Asia FX up.
- Sterling rallies as polls favour Britain remaining in EU, yen slips.
- German Producer prices in May 2016: –2.7% on May 2015.
- Sri Lankan rupee 1-wk forwards weaker on importer dlr demand.
USDINR opened higher over Rupee weakness on back of RBI Governor’s step down and finally the pair settled higher than previous close.
Now, strength can be seen if it is able to sustain above 67.6000 while 67.0500 marks as strong support.
EURINR opened higher over Rupee depreciation and closed around the strong resistance of 76.4000 as seen on daily charts.
On intraday charts, strength can again take place if it sustains above 76.7000 while 75.9000 is intraday support.
GBPINR opened strong enough over Brexit ease in polls and finally settled gaining around 2.83%. Volatility is expected in the pair amid movements in pound.
Now, 99.2500 is seen as immediate resistance while any closing below 98.2000 can be a corrective sign.
JPYINR traded in sideways fashion as per previous close and finally settled on a flat note.
On moving higher, 64.8000 is seen as near resistance whereas on lower side, 64.0500 is seen as key support on daily charts.
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