The Rupee surged by 31 paise to 66.51 against the US dollar in early trade on Tuesday on selling of the American currency by exporters and banks amid sustained foreign fund inflows. Higher opening in domestic equity market and a weak dollar against other currencies overseas after last week’s below-par US growth data also supported the rupee.
GDP rose by 0.3% in the euro area (EA19) and by 0.4% in the EU28 during the second quarter of 2016, compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union.
- Yen keeps distance from 1-month low after Kuroda comments.
- Profit-taking weighs on Asia FX; baht near 1-month low.
- GDP up by 0.3% in the euro area and by 0.4% in the EU28.
- Euro zone Retail PMI climbs to ten-month high in August.
- German New orders in manufacturing in July 2016: +0.2% seasonally adjusted on the previous month.
USDINR opened gap down on weakening of dollar on back of US jobs data so released on Friday.
On daily charts, it tested the key support of 66.7250 sustaining below which drag it to deeper supports while 67.0000 can may now act as crucial resistance.
EURINR opened gap down after hovering around 100 day EMA in last three sessions.
Now, if it holds below 74.4800 then it may further drag towards 74.1000 levels while 74.8500 is seen as immediate resistance.
GBPINR was able to sustain above 89.0000 mark for the third consecutive session and closed in green territory.
Strength will continue till it maintains above 89.0000 while any closing below the support range of 88.8000-88.7000 can be a weak signal for the counter.
JPYINR dragged for the eigth successive session and again closed in red.
Now, on daily charts, 100 day EMA of 63.7200 is seen as major support from current levels while 65.0000 may act as psychological key resistance for the currency pair.
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