The rupee lost further ground against the US currency today ending lower by 11 paise at 64.63 on dollar demand from importers.
The dollar held onto gains against other major currencies on Wednesday, recovering from the previous session’s downbeat U.S. data, although U.S. political uncertainty was expected to limit the greenback’s rise. Sterling hit the highest levels against the dollar in six months on Tuesday amid expectations that May will win a substantial majority in the elections
Facing parliament vote, UK’s May says early election will boost her in EU talks.
• European Monetary Union Consumer Price Index – Core (YoY) meets forecasts (0.7%) in March.
• Italy Global Trade Balance came in at €1.884B below forecasts (€2.24B) in February.
• South Africa Consumer Price Index (MoM): 0.6% (March) vs previous 1.1%.
USDINR moved in a range throughout the session in absence of major volatility.
If it is able to sustain and close above 64.7000 then it may head towards the next resistance of 65.0000. On lower side, 64.5000 is seen as immediate support.
EURINR showed strong up move and closed above the resistance levels.
Now, it may further move towards 69.7000 if continues to sustain on higher side whereas 69.0000 may continue to act as strong support.
GBPINR opened gap up and sustained on higher side for the entire session to close strong.
On daily chart, it gave the positive breakout from the neckline of double bottom pattern and closing above 83.0000 may continue the positive move towards 83.4000.
JPYINR was unable to hold at higher levels and dropped towards lower levels.
On daily chart, strength can be seen until it sustains above the mark of 59.0000 where 59.6500 is seen as strict resistance.
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