Dollar steady ahead of Fed Chair remarks, underpinned by higher US yields - Swastika Investmart
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CURRENCY OUTLOOK
DAILY CURRENCY MARKET UPDATES
NEWS IN HEADLINE:
* India cenbank sold net $3.86 billion in spot forex market in August – bulletin.
* Dollar steady ahead of Fed Chair remarks, underpinned by higher US yields.
* China ramps up yuan internationalisation under Belt and Road Initiative.
CHART OF THE DAY:
OUTLOOK:
EURINR: EURINR yesterday witnessed a bounce back from the support level of 87.80 and a close around 88.05 levels; on the upside, it has an immediate resistance of 88.30; on the downside, below 87.80, it may head towards 87.60–87.40 levels. Traders are advised to stay with the momentum with the “sell on rise” approach when it never successfully crosses the resistance level of 88.30.
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