Extending its gain into the fourth straight session, the rupee on Thursday opened 6 paise higher at 64.05 against the dollar on selling of the American currency by banks and exporters.
The dollar held steady against other major currencies on Thursday. Most emerging Asian currencies weakened on Thursday as risk sentiment remained fragile after much-awaited tax reform plans from US President Donald Trump did not boost investor confidence as expected. Traders were also wary ahead of the European Central Bank’s policy meeting later in the day.
• United Kingdom CBI Distributive Trades Survey – Realized (MoM) came in at 38%, above forecasts (6%) in March.
• Italy Trade Balance non-EU increased to €4.14B in March from previous €1.717B.
• European Monetary Union Industrial Confidence came in at 2.6, above expectations (1.3) in April.
USDINR opened on a weak note and sustained in the same range as of previous session and closed on a flat note.
Weak trend is expected to continue as 64.2000-64.0000 is seen as key support range while any closing above 64.5000 can provide certain strength.
EURINR sustained in the same range as of previous session and closed on a flat note.
Candlestick pattern so formed in previous session affected the trades in intraday and sell offs may enhance below 70.2000.
GBPINR opened with strength and continued it throughout the session to close on a positive note.
On daily chart, positive breakout is seen from lower highs lower lows pattern. Now, the pair may reach 83.4000 is it sustains above 83.0000 mark.
JPYINR traded below the previous close and held in the same range and settled in red zone.
Now, 58.0000 is seen as crucial mark sustaining above which can help the pair to gain further whereas 57.7500 may act as key support.
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