The Rupee depreciated by 12 paise to 68.74 against the US dollar in early trade, mainly due to heavy selling in domestic equities and foreign fund outflows. However, weakening of the American currency in the overseas market, and easing crude oil prices restricted the rupee’s decline. On the flip side, the dollar rose broadly on Monday after strong U.S. jobs growth in June suggested the Federal Reserve will not aggressively cut interest rates later this month.
- Asian stocks slip on dampened Fed rate cut expectations.
- German industrial production plunges 3.7% y/y in May, a big miss (EUR turns lower).
- China’s foreign reserves registered the largest monthly increase this year
- Indonesian consumer confidence dips in June, Rupiah under pressure.
- USD/CAD Canadian Dollar Lower After Massive US Jobs Gain.
USDINR after positive opening showed bullish movements closed with gain.
Currency pair shows positive movements in upcoming session if able to sustain above its immediate resistance of 69.0000.
EURINR showed correction from lower levels unable to sustain on higher levels closed with partial loss.
Now, 77.0000 is seen as strong support zone for the currency pair if give breakout below this mark it may drag towards 76.8000 mark.
GBPINR after correction found resistance on higher levels closed around its support.
If able to continue bearish movements then 86.0000 is act as support zone for the currency pair below which it may comes in bearish zone.
JPYINR found strong resistance on higher levels and closed with negative bias.
63.0000 is seen as strong support zone for the currency pair if continue bearish movements then it may find support around it.
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