The Indian rupee on Thursday strengthened marginally against the US dollar tracking gains in the local equity markets.US fed Minutes showed Fed officials continued to view gradual interest-rate increases as appropriate while starting the process of unwinding their $4.5 trillion balance sheet this year.
The dollar’s bounce stalled on Thursday after the U.S. Federal Reserve’s policy minutes failed to provide a clear picture of future interest rate increases, although investors were reluctant to add bearish bets before some key U.S. data.
• Dollar steadies after Fed minutes as markets await more central bank cues.
• Eurozone sales rise to greatest extent in almost two years.
• Swiss Consumer prices fell by 0.1% in June.
• Greece Unemployment Rate (MoM) fell from previous 22.5% to 21.7% in April.
USDINR hovered in the same range as of previous few sessions and closed on a flat to negative note.
If the currency pair sustains above the mark of 65.0000 then it may show positive move and may surpass the immediate resistance of 65.1500 while 64.8000 is seen as good support.
EURINR showed strong pull back from lower levels and closed at higher levels.
If the pair sustains above the mark of 74.0000 then it may recover from the losses and may head higher whereas 73.6000 may continue to act as strong support.
GBPINR showed positive momentum in the later part of the session and closed in green territory.
On daily chart, 84.7000 may continue to act as strict resistance whereas 83.7000 is seen as immediate support for the pair.
JPYINR continued to remain in the same weak zone as seen on daily chart but closed above the previous close.
Now, any closing below 57.2500 can further drag the pair on lower levels whereas 57.8000 may resist the counter to move northwards.
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