The appreciation in the rupee is likely to continue for some time and it is expected to average at 66.2 against the US dollar in the current financial year. Industry must be prepared for a stronger rupee in the coming months as a cocktail of economic and political factors revive hopes of a sovereign rating upgrade for the first time in over six years, shows an ET poll of 15 leading forex traders and strategists.
The dollar fell against the yen in Asia early on Tuesday with remarks from the Fed chief that suggested rate hikes were likely sooner rather than later failing to lift the greenback.
• United States NFIB Business Optimism Index meets forecasts (104.7) in March.
• European Monetary Union Industrial Production s.a. (MoM) registered at -0.3%, below expectations (0.1%) in February.
• Germany ZEW Survey – Current Situation above expectations (77.7) in April: Actual (80.1).
USDINR opened on a higher note but could not continue the bulls for the whole session.
On daily chart, it had stuck in a specific range where 65.0000 is seen as major resistance whereas 64.3000 may still continue to act as good support.
EURINR showed pull back from support levels and closed in green territory.
Now, on further positive moves, it may resist near the psychological mark of 69.0000. On lower levels, any closing below 68.5000 can again weaken the counter.
GBPINR opened higher against the previous close and managed to close on a flat to positive note.
On moving northwards, the currency pair will find strict resistance near 81.0000 mark whereas 79.7500 can be treated as major support.
JPYINR found strong pull back from support levels and closed on higher note.
If the pull back continues in the coming session, then the currency pair may move towards immediate resistance of 58.8000 while 58.2000 is seen as good support.
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