The Rupee rose 12 paise to 67.18 against the US dollar in early trade on Monday in line with a firm trend in other Asian currency markets. Most emerging Asian currencies rose on Monday in subdued trading as investors continued to seek the region’s higher yields on expectations that central banks in developed countries may ease monetary policies.
China’s yuan kept failing to ride on the trend and touched its weakest since December 2010 as a lack of signs of intervention to prop up the renminbi indicated the central bank would tolerate a further weakening of the currency.
- Yield-hunting lifts Asia FX, but yuan hits new 5-1/2-yr low.
- Aussie dlr recovers from shaky start as calm returns to currency markets.
- Industrial producer prices up by 0.6% in both euro area and EU28.
- UK construction PMI signals weakest performance for seven years in June.
USDINR has been continuously falling since last four sessions and closed again on a weak note.
On daily charts, it took exact support of 100 day SMA and now it may slip towards 67.2000 if it sustains below this support while 67.8000 is seen as major resistance.
EURINR is moving indecisively as it is mainly consolidating in a range since last few sessions.
Now, if it surpasses the immediate resistance of 75.3000 then it may show some up move while 74.7000 can be a good support level.
GBPINR broke the crucial support level of 89.7400 as seen on daily charts and closed below it.
Now, 89.0000 will be seen as the next important support while 90.7500 will act as srict resistance on any correction towards higher side.
JPYINR is moving in a specific range and not able to show any major movements.
It tested near to the important support of 65.5400 as seen on daily charts and any closing below it can result in selling pressure for the counter while 66.3000 is seen as resistance.
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