The Indian rupee on Monday erased all the gains and closed marginally lower against the US dollar ahead of the Reserve Bank of India’s bi-monthly policy on 2 August.
China’s yuan firmed against the US dollar on Monday after the official guidance was fixed at the strongest level in over nine months, putting the currency on course for the third straight month of gains The People’s Bank of China set the yuan midpoint at 6.7283 per dollar on Monday, the highest level since Oct. 14, 2016, to reflect broad weakness in the greenback.
• European Monetary Union Consumer Price Index – Core (YoY) came in at 1.2%, above forecasts (1.1%) in July.
• Italy Consumer Price Index (EU Norm) (YoY) in line with forecasts (1.2%) in July.
• United Kingdom Net Lending to Individuals (MoM) came in at £5.6B, above expectations (£4.9B) in June.
USDINR after opening on lower note gained momentum during the session to close above the previous close.
The currency pair took strong support around the lower levels and 64.5000 is still seen as strong resistance while 64.0000 as key support.
EURINR continued the previous session’s gains and closed on strong note.
Marching ahead, the counter may find the immediate resistance range around 75.9000-76.0000 whereas 75.3000 is seen as immediate support.
GBPINR found support at lower levels and gained momentum during the session.
Further gains may find the resistance for the pair around 84.8000 while 84.2000 is seen as important support from current levels.
JPYINR opened gap up and sustained at higher levels for the entire session.
Now, the major support range is seen around 58.2000-57.8000. Bulls may carry the currency pair towards the next resistance of 58.5500.
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