The rupee appreciated by 3 paise to 69.5425 against the US dollar in opening trade on Wednesday, driven by easing crude oil prices and foreign fund inflows.Weakening of the greenback vis-a-vis some major currencies overseas aided the local unit. However, a weak opening in domestic equities weighed on the domestic currency.On the flip side, dollar was trading near two-month lows as expectations that the Federal Reserve could cut interest rates in the coming months in response to fallout from global trade tensions pressured the currency.
- Asia Pacific shares trade mixed; China’s CPI rise at fastest pace in 15 months.
- US dollar slipping back as market sentiment turns negative once more.
- China Sends Warning Signal to Yuan Bears Before G20 Meeting.
- South Korea’s won is Asia’s whipping boy in U.S.-China trade war.
- China’s inflation hits highest level in 15 months.
USDINR after opening on a flat note dipped towards support levels and recovered in the later half.
If in the coming session it holds above the levels of 69.6000 then it may show some up move whereas 69.3000 is seem as strong support from current levels.
EURINR opened with positive bias showed sideways movements closed with loss.
79.0000 is acting as strong resistance zone on higher levels and if the pair sustains below this mark then it may further drag towards lower levels.
GBPINR showed correction from lower levels and closed with positive bias.
Now, 88.7000 is seen as strong resistance zone for the currency pair and holding above it can make the bulls active wheras 88.3000 is seen as strong support.
JPYINR showed sideways movements and was able to sustain near resistance levels.
Sustaining below 64.0000 mark in upcoming session currency pair shows more bearish movements towards 63.5000.
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