Rupee opened with a fall against the American currency with the start of the session but gradual appreciation was seen in the pair during the session. The reason for such depreciation was due to the fact that Indian shares fell on Mauritius tax rule change.
Most emerging Asian currencies edged up on a broad decline in the dollar on Wednesday, but pared earlier gains on new concerns China’s economy may lose steam amid rising debt levels. United Kingdom released its Manufacturing Production data (MoM) which is below forecast (0.3%) in March: Actual (0.1%).
- Rupee slips 16 paise in early trade against US dollar amid fears of foreign outflows.
- Weak dollar supports Asia FX; China’s debt worries limit upside.
- China’s yuan edges up in line with midpoint, dollar moves.
- Japan Leading Index Lowest Since Nov 2012.
USDINR opened gap up and even breached the important 67.0000 mark but was not able to sustain at such levels for long rather dragged down throughout the session and finally closed in red.
If it breaches the trend line so shown in daily chart then it may fall towards the immediate support of 66.6000-66.5000.
EURINR moved in tight range in intraday session after opening slightly higher against the previous closing and managed to close around it.
Immediate support is still seen as 75.9000 o daily chart while positive breakouts can be seen above 76.4000 on closing basis.
GBPINR moved in the same range as of previous session and again was not able to sustain on higher side and settled with negative bias.
The counter is facing stiff resistance around 100 day EMA of 97.0000 while 96.1000-95.9000 may act as support range
JPYINR opened higher on daily charts but was not able to move further towards next highs and hovered in tight range during the entire session.
If it is able to sustain above 61.7000 then it may move towards 62.0000 in coming sessions while 61.1000 is seen as nearest support.
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