The Indian rupee opened nearly 5 paise higher at 67.89 against the US dollar on Thursday on account of fresh selling of American currency by banks and exporters. Meanwhile, domestic equity markets opened on a positive note following mixed global cues. The dollar caught its breath on Thursday, after charging to a 13-1/2 year high against a basket of currencies on bets the Trump administration will adopt inflationary policies, while the yen sagged after a Bank of Japan bond-buying operation.
• Dollar stays near 13-1/2 year peak; BOJ bond operation weighs on yen.
• China’s yuan firms despite 10th straight weaker midpoint.
• UK retail sales rises above expectations in Oct.
• Foreign banks shaken by Malaysia’s move to halt currency slide.
USDINR although sustained below the previous close but was able to sustain on higher side for the whole session.
Strong bulls carried the pair towards higher side in the later half and it needs to sustain above 68.0000 to gain strength whereas 67.8000-67.6000 is seen as support range.
EURINR sustained on lower side for first half of the session but gained momentum in the later half to close in green.
If it closes above 73.0000 then it is expected to move towards the resistance of 73.5000 while 72.6500 will continue to act as strong support on daily chart.
GBPINR consolidated in the same range as of last few sessions but was able to close the session in green.On daily chart, 85.0000 is still marked as important resistance whereas 84.0000-83.5000 is seen as important support range for the pair.
JPYINR opened gap up and was able to sustain on higher side for the entire session.Any closing above 62.5000 can inch it higher towards the next resistance of 63.0000 whereas 61.9500 will continue to act as major support for the currency pair.
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