Indian rupee depreciated by nearly 20 paise against dollar in early trade on Wednesday and hit its lowest level of 68.45 since February 2016. Market sentiments for rupee continued to remain weak on hopes that the US President-elect Donald Trump’s proposed fiscal expansion may boost inflation, prompting the Fed to raise rates more aggressively than previously expected. The currency opened 13 paise down at 68.38 against dollar on account of buying of American currency by banks and importers.
• Dollar clings near 13-1/2-year high, pauses after rally.
• China’s offshore yuan hits record low as signs of capital flight rattle traders.
• Eurozone PMI signals strongest growth so far this year.
• November PMI data point to solid economic growth in Germany.
USDINR opened above the crucial resistance mark and underwent the bull run.On daily chart, closing above the key resistance of 68.3100 indicates that strength will be maintained in the counter and may lead towards the next major resistance of 68.8000.
EURINR moved in seasaw manner and was able to close higher than the previous close.The pair is near to the important resistance of 73.0000 and any closing above it may extend the gains towards 73.3000 while 72.6000-72.5000 may act as support range.
GBPINR moved with negative bias in the first half but soon gained momentum in the second half to close on flat note.
If the pair is able to sustain above 85.0000 mark then it may next stiff resistance around 85.3000 whereas 84.7000 is seen as immediate support for it.
JPYINR moved higher after successive two days reversals so observed on daily chart.It is very near to the crucial resistance of 61.8500 surpassing which can further show some up move while 61.5000-61.3000 is seen as support range.
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