The rupee opened on a weak note at 69.6175 against the US dollar in opening trade on Friday, as rising crude oil price concerns weighed on the investor community. The the rupee is trading in a narrow range as prospects of an interest rate cut by the US Federal Reserve kept investors edgy. Besides, strengthening of the American currency in the overseas market and a weak opening in domestic equities weighed on the local unit. The dollar was lower against the yen and euro early Friday in Europe but higher against risk proxies.
- Russian Central Bank cuts key interest rate to 7.5% from 7.75%.
- China Industrial Production (Y/Y) May: 5.0%; YTD (Y/Y) May: 6.0%.
- Ex-PBOC Head Warns Trade War Could Trigger Competitive Devaluation.
- South Korea: Weak construction investment is driving slowdown.
USDINR opened with partial gain showed bullish movements closed with gain. If able to sustain above its psychological resistance level of 70.0000 then currency pair shows positive movements towards 70.3000.
EURINR after negative opening found support on lower levels closed with positive note. Now, immediate resistance for the currency pair is seen around 79.0000 sustaining above this mark it may continue bullish movements.
GBPINR showed sideways to positive movements closed around its resistance. Currency pair shows more bullish movements if break its immediate resistance and find next resistance around 88.8000 mark.
JPYINR showed bullish movements after positive opening closed with positive bias. 65.0000 is seen as strong resistance zone for the currency pair breakout above this level it may continue positive movements.
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