Extending losses for second day, the Indian Rupee slumped to a new record low of 72.8800 and hovered in the range of 72.8800 and 72.3875 against the US dollar as emerging market currencies remained under pressure with a broad index down near 16-month lows.Moreover, the Rupee sentiment was also hit on heavy capital outflows and dollar demand from importers.
Against basket of currencies, the dollar was flat, as market participants worried about Chinese-U.S. trade relations while the euro rose as easing concerns about Italian debt boosted the single currency for a second day.
- United States NFIB Business Optimism Index registered at 108.8 above expectations 108.2 in August.
- European Monetary Union Employment Change (YoY) registered at 1.5% above expectations 1.4% in 2Q.
- United Kingdom ILO Unemployment Rate (3M) meets expectations 4% in July.
USDINR showed positive movements closed around its day high.
Immediate resistance for the currency pair is seen around 73.0000 sustaining above which leads it toward next resistance zone of 73.3000.
GBPINR showed bullish movements throughout the session closed around its resistance.
Bulls are active above 95.0000 level and give strength to the currency take it towards next resistance level of 95.5000. Contrary 94.6000 is strong support for it.
JPYINR unable to sustain on lower levels showed positive movements closed with partial gain.
Now, 65.7000 is immediate resistance zone for it if give breakout in upcoming session then continue bullish movements towards 66.0000 level.
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