Rupee washed out its initial gains and was quoted lower by 7 paise to 66.96 against the American currency in the late morning deals on fresh dollar demand from banks and importers amid reports that the Commerce Ministry might propose devaluation of the rupee to boost exports. The rupee weakened 0.28% to 67.0750 to the dollar before paring losses after the central bank stepped in to prevent a sharp fall.
Sterling fell on Thursday as investors awaited the Bank of England announcement on interest rates when it is likely to reiterate that monetary policy will remain accommodate in the coming months.
- Monetary policy uncertainty weighs on Asia FX; rupee hit by devaluation report.
- Yen edges up, mood still shaky after bond sell-off.
- Sterling dips with an eye on dovish BoE, soft retail sales.
- Annual inflation stable at 0.2% in the euro area.
- Euro area international trade in goods surplus €25.3 bn.
USDINR traded weak on strong Rupee but sudden hike in the currency pair due to reports of devaluation of Rupee.
It again found support around 66.9000 and was able to close above 67.0000 mark. It can be said on strong side till it sustains above 67.1500.
EURINR traded in a specific range after the spike so seen in early trades due to depreciation of Rupee.
The counter has found support around 100 day EMA of 75.1200 since last few sessions and so sell offs can be seen below this level. Sell on rise can be seen in it.
GBPINR traded higher against the previous close and so closed in green territory.
On moving further towards north, it may find strict resistance around 89.3500 while 88.0500 is seen as important support for the counter.
JPYINR again hiked and made the positive momentum towards the previous resistance.
Now, fresh breakouts are expected if the counter holds above 65.8000 while 65.3000-65.0000 is seen as support range for it.
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