The rupee appreciated by 8 paise to open at 70.5000 against the US dollar, driven by easing crude prices, higher opening in domestic equities and on US-China trade talk hopes. Investors’ sentiments were buoyed after US President Donald Trump on Tuesday hoped that the world’s top two economies would be able reach an agreement. Meanwhile, foreign fund outflows weighed on the domestic currency and restricted the upmove. The Australian Dollar fell 0.2% to after data showing that the pace of growth in Australian wages came to a halt last quarter.
- China April data disappoint: Retail sales rise 7.2%, industrial output arrives at 5.4%.
- Trump expected to sign order paving way for U.S. telecoms ban on Huawei.
- Indonesia’s trade balance swung to a record deficit of USD2.50bn in April.
USDINR after negative opening found support on lower levels closed with loss. Now, sustaining above immediate resistance of 70.6000 currency pair shows positive movements towards next resistance of 70.8000.
EURINR showed sideways movements after negative opening closed around its resistance. 79.0000 is act as crucial zone for the currency pair sustaining above this mark it may continue positive movements towards 79.5000.
GBPINR opened with negative bias showed sideways movements closed with loss. For upcoming session sustaining below 91.0000 currency pair drag towards its support zone of 90.5000. On higher levels 91.2000 is immediate resistance for it.
JPYINR after negative opening found support and closed with partial gain. Sustainig above immediate resistance of 64.5000 currency pair continue its bullish movements and find resistance near 65.0000.
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