After crashing lifetime low in early trade of 73.0250, the Indian rupee rebounded by 74 paise to 72.2825 against the US dollar on suspected intervention by the central bank. Moreover, the rupee sentiments was also supported as domestic equities rebounded on DII buying ahead of IIP and retail inflation data to be released later in the day. On the flip side, dollar edged higher against basket of currencies, as concerns over global trade tensions supported safe-haven demand for the greenback. However, trade worries were simmering below the surface as investors continued to watch the situation between the US and China.
- United States MBA Mortgage Applications down to -1.8% in September 7 from previous -0.1%.
- European Monetary Union Industrial Production s.a. (MoM) registered at -0.8%, below expectations -0.5% in July.
- Italy Industrial Output s.a. (MoM) came in at -1.8% below forecasts -0.4% in July.
USDINR showed correction from higher levels closed near to its support.
If continue correction phase then immediate support for the currency pair is seen around 72.0000 below which it may drag towards next support level.
EURINR dragged from its resistance zone closed with negative bias.
Now, 83.5000 is act as support zone for the currency below this level it is more weak and may find support around 83.2000.
GBPINR unable to hold above its resistance level showed negative movements.
Sustaining above 94.0000 level give some positive strength to it and find next resistance near 94.5000. On lower levels 93.8000 is strong support for it.
JPYINR find strong resistance on higher levels gave negative breakout closed in red.
Currency pair still looks weak as closed below 65.0000 level if sustain below it then 64.4000 is seen as next support zone for it.
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