The Rupee firmed up 16 paise to 66.86 against the dollar in early trade on fresh selling of the US currency by exporters and banks amid a higher opening in the domestic equity market. Further, foreign fund inflows and a higher opening in the domestic equity market gave the uptrend some momentum.
Most emerging Asian currencies rebounded on Friday as weak US economic data reduced expectations for an early increase in US interest rates, but regional units still were set to post weekly losses on doubts over how much more stimulus major central banks can offer.
- Dollar sags after lacklustre U.S. data, commodity currencies supported.
- Weak U.S. data support Asia FX; weekly losses seen on monetary policy woes.
- European Monetary Union Labour cost down to 1% in 2Q from previous 1.7%.
USDINR opened on lower note as compared to previous close but gained momentum in the second half to close flat.
Any closing above 67.1500 can lift the counter towards the next resistance of 67.3000 while 66.9000 is still seen as strong support for the counter.
EURINR traded in the same range but remained on lower levels as of previous close.
On daily charts, 100 day EMA of 75.1000 is seen as strong support for the counter whereas 75.6000 may act as important resistance for the counter.
GBPINR again faced resistance at higher levels as seen in the previous session and showed sharp downfall.
Now, it is again near to its key support of 88.3000 surpassing which can drag it to deeper supports while sell offs can still be seen on highs.
JPYINR traded higher and sustained above resistance levels for most part of the session.
Strength is expected to continue till it sustains above the key resistance of 65.8000 on closing basis and may find resistance in the range of 66.0000-66.1000.
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