The rupee appreciated by 5 paise to open at 71.7900 against the US dollar on Monday as China’s easing move and rate cut hopes by the US Fed enthused investors. Moreover, market investors were optimistic about cut in interest rates by the US Federal Reserve following below-par US jobs data. Besides, China’s easing move also an enthused investors. In a bid to inject more liquidity into the economy, the People’s Bank of China on Friday said it would slash the amount of cash lenders must keep in reserve to its lowest level in 12 years.
- Asian stocks cheer hopes of China stimulus amid trade positive sentiment.
- PBoC cuts the RRR to support economy and face trade war.
- Turkey: CBRT likely to slash the policy rate by 300bps.
- UK GDP raises 0.3% m/m in July, beats estimates.
- China: Weakness in trade data, surge in FX reserves.
USDINR after negative movements found support and showed correction closed with flat note.
72.0000 is act as strong resistance on higher levels sustaining above this mark it may shows positive movements towards 72.4000.
EURINR showed correction and found resistance closed around its support.
If able to sustain on lower levels then immediate support for the currency pair is seen around 79.0000 below which it is more bearish.
GBPINR found support on lower levels showed positive movements closed with gain.
89.1000 is seen as short term resistance for the currency pair breakout above this mark it may continue bullish movements towards 89.4000.
JPYINR showed sideways movements closed with partial loss.
Now, 67.0000 is seen as immediate support for the currency pair sustaining below this mark it may continue bearish movements.
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