The rupee started off well against the dollar on Thursday with a gain of 15 paise at 63.94, riding on a global weakness of the US unit. The dollar extended its losses against the yen and hit a new 15-month low on Thursday, with market participants bracing for further near-term weakness in the US currency. The greenback briefly jumped on Wednesday after data showed U.S. inflation was stronger than expected in January, bolstering expectations that the Federal Reserve could increase interest rates as many as four times this year.
- Italy Trade Balance EU down to €-0.974B in December from previous €0.24B.
- Spain Consumer Price Index (YoY) came in at 0.6%, above forecasts (0.5%) in January.
- India WPI Inflation registered at 2.84%, below expectations (3.25%) in January.
USDINR pair opened with gap down and hovered under a tight range, closed with loss. Now, it has immediate support level of 63.9000 if it sustain below this mark then more correction towards next support level of 63.7000 can be seen, 64.2000 is resistance level.
EURINR pair opened with gap up and continued its upward journey, settled the session with gain. It has major resistance level of 80.0000 if it holds this mark then more upside movement can be seen, whereas 79.6000 is crucial support level.
GBPINR pair has given good recovery from its lower level and close with positive note. This pair has major resistance level of 90.2000, if it manages to hold this level then it can continue its upward journey, on downward side it has support of 89.5000.
JPYINR pair opened with gap up but unable to hold its higher level and close near to its day low. For upcoming session if it breaks its crucial support level of 59.7000 then profit booking can be seen. On higher side it has major resistance level of 60.5000.
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