The Indian Rupee strengthen by 12 paisa to 67.1975 and throughout the day traded in the range of 67.3100 and 67.0850 against the US dollar ahead of RBI monetary policy announcement amid fresh dollar selling by banks and exporters. Nevertheless, the dollar’s fell below the 94 level and its weakness against some currencies overseas amid lingering concerns about global trade bolstered Indian Rupee. However, Strong US employment data revived bets that the Federal Reserve will raise interest rates three more times this year.
• South Africa Business Confidence Index down to 94 in May from previous 96.
• Japan Labor Cash Earnings (YoY) above forecasts (0.2%) in April: Actual (0.8%).
• Switzerland Consumer Price Index (MoM) above forecasts (0.3%) in May: Actual (0.4%).
USDINR opened with negative bias after correction unable to sustain on higher levels closed with loss.
67.0000 is the major support zone for the currency pair if break in upcoming session than negative movements seen in it towards 66.7000 levels.
EURINR opened with partial gain showed positive movements and closed around its day high.
Sustaining above 79.2000 levels may give more correction in currency towards next resistance level of 79.5000. On lower levels 78.7000 is support for it.
GBPINR after positive movements unable to sustain on higher levels closed with flat note.
Currency pair still sustain above its immediate support mark of 90.0000 suggesting positive movements in it towards 90.5000.
JPYINR showed negative movements throughout the session closed around its strong support.
Now, below 60.9000 currency pair is more bearish and drag towards its next support level of 60.5000. On higher side 61.2000 is major resistance for it.
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