The Indian rupee (INR) today rebounded after falling beyond 70 a US dollar. At day’s low, the rupee fell 70.06 as US-China trade war hit emerging market currencies. US today increased tariff to 25% on $200 billion worth of Chinese good as the two sides pursue last-ditch talks to try salvaging a trade deal. China’s Commerce Ministry said it “deeply regrets” the US decision, adding that it would take necessary countermeasures, without elaborating. Rupee later pared losses and traded higher at 69.82 as compared to Thursday’s close of 69.94. Rupee came under pressure in the latter half of the session as uncertainty related to trade talks between US and China rose. Yesterday, U.S. President Donald Trump said that China “broke the deal” it had reached in trade talks with the US. The U.S. Trade Representative’s office announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10%
- Dollar Dips on Profit-Taking as Tariffs Come Into Force.
- RBA sees lower growth, weak inflation and a slower decline in unemployment.
- Thai baht, China’s yuan strengthen as U.S. tariff hike kicks in.
- UK Services output increased by 0.3% in Quarter 1’2019 compared with Quarter 4’2018.
- German exports in March 2019: +1.9% on March 2018.
USDINR after positive opening unable to sustain on higher levels closed with partial loss.Currency pair continue its bullish movements if sustain above 70.0000 mark otherwise shows correction towards support level of 69.5000.
EURINR showed correction from higher levels closed around its resistance. Sustaining above 79.0000 mark in upcoming session give strength to particular currency pair and find next resistance near 79.3000.
GBPINR after correction found support on lower levels closed with partial gain. 91.0000 is act as crucial zone for the currency pair above this mark it may continue positive movements towards 91.7000. On lower levels 90.7000 is act as support.
JPYINR found resistance on higher levels showed correction closed with flat note. 63.6000 is seen as immediate support for the currency pair sustaining below this mark it may shows more correction towards 63.4000.
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