The Indian rupee on Monday weakened against the US dollar, after local equity markets fell 350 points. Most Asian currencies declined owing as Friday’s oil price plunge and increasing focus on the US presidential election raise risk-averse sentiments.
German business sentiment surged to the highest level in more than two years in September in a sign that corporate concerns are easing over the economic outlook and the consequences of Britain’s decision to leave the European Union, a report from the Munich-based Ifo institute showed on Monday.
- Yen gains after Kuroda sticks to negative rate script.
- Caution on US politics dents Asia FX; Philippine peso at 7-yr low.
- German Business Confidence Increases to Highest Level since 2014.
- Pound under pressure again as Europe gets underway.
USDINR dragged throughout the session and closed on a weak note.
If it continues to drop down further then 66.5000 is seen as important support whereas 67.0000 is still seen as major resistance for the counter.
EURINR traded in a range for the whole session but sustained above the previous close.
On higher side, 100 day EMA is considered as stiff resistance i.e. 75.2000. The currency pair may find support around the range 74.8000-75.6500.
GBPINR surpassed the key support level on daily chart of 86.3800 and closed below it.
Closing indicates that selling pressure may continue as per strong bears. On any correction, 86.8000 may act as strict resistance for it from current levels.
JPYINR continued the pull back of last session and closed higher against the previous close.
On gaining further, it will find strong resistance at 66.7000 above which bulls will become more active while 66.0000-65.9000 is seen as good support range.
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