The Rupee opened 8 paise higher at 64.45 against dollar on sustained selling of dollars by exporters.
The dollar ground higher against the basket of currencies used to measure its broader strength on Tuesday, hitting a four-month high against the yen on the back of the past fortnight’s 25 basis-point rise in 10-year US government bond yields. The New Zealand dollar fell to its lowest since June 23 after a report of a large earthquake hitting off its South Island, although there were no immediate reports of damage.
• Australia Investment Lending for Homes climbed from previous -2.3% to -1.4% in May.
• Australia National Australia Bank’s Business Conditions up to 15 in June from previous 12.
• Japan Money Supply M2+CD (YoY) meets forecasts (3.9%) in June.
USDINR opened gap down but showed a gradual bull rally on higher side to close in positive territory.
Now, 64.7000 might continue to act as important support for the currency pair whereas 65.0000 is seen as psychological resistance.
EURINR found support at lower levels and positive move carried the counter to close in green.
On daily chart, 73.6000 had become the key support level surpassing which can drag the counter on lower side while 74.0000 may resist it to move higher.
GBPINR gained momentum despite of weak opening and closed on a positive note.
The pair is expected to take support in the range of 83.2000-83.0000 and any correction on higher side may take it towards the immediate resistance of 84.0000.
JPYINR continued the bears for the straight eight sessions and closed on weak note.
The currency pair may weaken further if it sustains below the level of 57.0000 whereas 56.5000 is seen as strong support for the counter.
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