The rupee appreciated by 16 paise to 69.6100 against the US dollar in opening trade on Wednesday ahead of the US central bank’s meeting. Moreover, market participants are waiting for the monetary policy of FOMC, Bank of England and Bank of Japan, scheduled this week. Besides, positive opening in domestic equities, foreign fund inflows and selling of the American currency by exporters supported the rupee. The U.S. dollar was holding steady against a currency basket ahead of the Federal Reserve’s closely watched rate decision later in the day.
- Asian business confidence dives to 10-year low on trade woes.
- UK CPI eases to 2.0% y/y in May, meets estimates (GBP rises further).
- Euro Falls, Dollar Rises as Trump Puts Pressure on Fed to Cut Rates.
- Sweden: Manufacturing confidence likely to bounce to 104.7 in June.
- Italy’s Tria: Tax cuts must be offset by spending cuts otherwise a rise in VAT will kick in next year.
USDINR showed correction after negative opening closed with flat note.
If able to sustain above 70.0000 mark in upcoming session currency pair continue bullish movements towards resistance of 70.3000.
EURINR opened with negative bias showed bullish movements closed with partial gain.
Now, 78.5000 is seen as immediate resistance zone for the currency pair breakout above this mark it may find next resistance near 78.7000.
GBPINR found support and showed positive rally closed around its resistance.
Sustaining above 88.0000 mark currency pair continue bullish movements and find next resistance around 88.3000 mark.
JPYINR after negative opening showed correction closed with partial loss.
64.5000 is seen as strong resistance level for the currency pair opening above this level it may shows more bullish movements towards 65.0000.
(Click to submit your details) Just one step to get best trading tips and Recommendation.