The Rupee continued its firming trend on Wednesday and was trading 27 paise higher at 64 against the greenback in early trade on sustained dollar unwinding by exporters and companies.
Most emerging Asian currencies were stronger on Wednesday with the Taiwan dollar at a two-and-a-half year high while the Indian rupee climbed to a 20-month peak, buoyed by a local stock market rally. Indian rupee gained for a third straight session and took cues from the record rally in local share market after a host of strong domestic quarterly results and hopes for additional foreign inflows to India.
• Taiwan dollar at 2-1/2 yr high; Indian rupee hits 20-mnth peak.
• Euro steady near 5-month highs as U.S. tax reform eyed .
• Aussie hits 2-week low after soft core inflation.
• Australian March consumer price index up 0.5 per cent.
• CBRT leaves key rates unchanged, raises LLW.
USDINR extended the bears and Indian Rupee appreciated to 20 month highs.
The currency pair surpassed the important supports and it closed around the psychological mark. Now, USDINR May contract focuses on the next support of 64.2000-64.0000.
EURINR sustained in the same range as of previous session and closed on a flat note.
The reversal candlestick so observed on daily chart suggests that it may fall down in the coming session and closing below 70.2000 may further weaken the counter.
GBPINR hovered in the same range as of previous session and closing it on a flat note.
Now, 83.0000 is seen as crucial resistance from current levels closing above which can provide strength whereas 82.5000 is the nearest support.
JPYINR continued its bear rally and large downfall was registered in the counter surpassing key supports.
Sustaining below the mark of 58.0000 can further hit the counter towards the next support of 57.5000 whereas 58.5000 is seen as key resistance.
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