The rupee staged an impressive comeback after plunging to a fresh three-week low and ended with a modest loss of 3 paise at 64.15 a dollar today even as local equities put up a strong performance.
UK retail sales data for July beat market expectations but last month’s strong figures were revised a touch lower, leaving a mixed picture for the British Pound. Monthly sales rose by 0.3%, beating expectations of a 0.2% rise, but June’s 0.6% gain was revised down to 0.3%. On an annual basis, sales rose by 1.4% against expectations of a 1.3% gain, with June’s 2.9% rise downgraded to 2.8%.
• European Monetary Union Trade Balance s.a. above expectations (€20.4B) in July: Actual (€22.3B).
• United Kingdom Retail Sales ex-Fuel (YoY) above expectations (1.3%) in July: Actual (1.5%).
• Hong Kong SAR Unemployment rate remains at 3.1% in July
• Austria HICP (MoM) down -0.6% in July from previous -0.1%.
USDINR opened on higher note and gradually dragged to close on a flat note.
On lower side, 64.0000 is still seen as important support for the currency pair whereas 64.4000-64.5000 is seen as resistance range for it.
EURINR slipped during the session and settled in red territory.
It strictly faced resistance at higher levels and now on lower side, 75.0000 is seen as key support whereas 75.7000-75.9000 is seen as important resistance range.
GBPINR sharply dropped from the higher levels and closed below the major support levels on daily chart.
If the currency pair further drops, then it may slip towards 82.4000 whereas sustaining above 83.0000 can strengthen it to move towards higher levels.
JPYINR consecutively dropped for the second session and closed on lower note.
Closing around 58.0000 is again a weak sign and may drop further if it sustains below this mark whereas 58.4000-58.5000 is seen as stiff resistance.
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