Against the US dollar, the Indian rupee apreciated by 4 paise to open at 70.2200 and throughout the day hovered in the range of 70.2200 and 69.9400 on weakening greenback, fresh foreign inflows and higher opening of domestic equities. On the flip side dollar slid against major Asian peers as market participants looked ahead to the latest retail sales report for further hints on the strength of the economy.
- Pound Dips to a near three-week low on Brexit Jitters.
- China’s new bank lending falls sharply in February from record high.
- German industrial production disappoints in January, down -0.8% m/m.
- Trump’s budget seeks 5% cut in non-defense spending.
- PBOC sets yuan reference rate at 6.7202.
USDINR opened with negative bias and sustained on lower levels for the entire session. Now, 70.0000 is marked as a crucial mark sustaining above which can pull the pair towards the resistance range of 70.2000-70.4000 while 69.7000 is seen as major support.
EURINR opened gap down and traded on negative note for the whole session. If the currency pair sustains below 78.5000 then more weakness can drag it to lower levels whereas 79.3000 is seen as immediate resistance.
GBPINR opened on a weak note and traded below the major support levels on daily charts. If it sustains below the psychological level of 91.0000 then further weak trend can be seen. On higher side, 91.7000 is seen as strong resistance for it.
JPYINR found resistance at higher levels and dropped towards near support levels to close in red. Trading below the mark of 63.0000 can further dip the pair towards support range of 62.8000-62.6000 whereas 63.4000 is now seen as major resistance on intraday chart.
(Click to submit your details) Just one step to get best trading tips and Recommendation