The Rupee on Tuesday opened 5 paise down at 63.98 against dollar on account of selling of American currency by banks and exporters.
The central bank’s US dollar purchases in the forward market hit a three-year high of $9.4 billion last month as the regulator sought to cushion the impact of a surge in inflows of the currency. The purchases are the highest since June 2014, when inflows began rising after a record fall that had been induced by the taper tantrum.
• Dollar Slips Against Currency Basket after Rebound.
• Sweden Consumer Price Index (MoM) registered at -0.2%, below expectations (-0.1%) in August.
• UK House prices grew by 5.1% in the year to July 2017.
• Consumer Prices Index including owner occupiers’ housing costs 12-month inflation rate as 2.7% in August 2017.
USDINR continued the pull back so observed in the last session and closed in green.
The currency pair sustained above the mark of 64.0000 and hence strength may take it to higher levels whereas 63.9000-63.7000 is still seen as support range.
EURINR resisted at higher levels and sustained at lower levels for the second consecutive session.
It needs to sustain above the mark of 77.0000 to continue the up move for the pair whereas 76.4500 is seen as immediate support for it.
GBPINR continued the bull move for the eighth consecutive session and closed around the key resistance.
Now, immediate resistance seen ahead is 85.2000 sustaining above which can result in further positive breakouts whereas 85.0000-84.7000 may act as intraday support range.
JPYINR opened gap down and continued the reversal so seen from highs.
Further bears can dip the currency pair towards the support range of 58.4000-58.3000 while 58.7000 is seen as near resistance range.
(Click to submit your details) Just one step to get best trading tips and Recommendation