The Rupee remained under pressure against the US dollar for the third-straight day today, depreciating 7 paise to end at a fresh 3-week low of 64.59 on steady demand of the US currency amid a global oil rout.
Forex market traded with a broadly hesitant tone on growing uncertainty about global economic growth as sell-off in crude prices remained unabated, triggering volatility in financial markets. Demand for the greenback from banks and importers and little support from local share market too weighed on trade.
• Rupee stumbles on oil worries, hits fresh 3-week low at 64.59.
• Dollar drifts as U.S. yields stay low, rate hike expectations ebb.
• China’s yuan set for worst week since March on rising corporate dollar demand.
• Japanese Yen Ticks Down, BoJ Opinions Show Stimulus Will Stay.
• German Producer prices in May 2017: +2.8% on May 2016.
• Existing-Home Sales Rise 1.1 Percent in May; Median Sales Price Ascends to New High.
• US Unemployment Insurance Weekly Claims was 241,000, an increase of 3,000 from the previous week.
• Conference Board Leading Economic Index (LEI) for the U.S. Increased in May.
• French Employment rises to greatest extent for almost 10 years.
• German private sector output growth eases in June.
• Eurozone enjoys best quarter for six years despite growth slowing in June.
USDINR last week moved in the range and closed on a flat note. The currency pair was unable to sustain near highs during the week and hence did not showed strong volatile moves. On lower side, if it surpasses the support of 64.4000 then it may move down whereas 64.8000 may continue to act as important resistance.
EURINR last week moved sideways to weak and closed on weak note. Falling below 71.9500 may increase the bears for the counter whereas any closing above the immediate resistance of 72.2000 may show further up move towards the next resistance of 72.5000 for the pair.
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