FXstreet.com (San Francisco) - The Indian rupee recorded its biggest single-day gain in nearly three years against the greenback on Friday, fueled by a broad tolerance for risk on the back of unexpected steps unveiled by the European Union leaders to support the region's financial system.
USD/INR fell 2.3% to a 10-day low of 55.50. If the slide continues in the week ahead, support is noted at the 55.00 figure which is confluent with the up-trending 55-day MA, while resistance is at 56.37 (25 June low). The cross is virtually unchanged from its starting price at 55.50.
India's balance of payments figures released Friday are unlikely to be a major trigger of price action in the hours ahead as the data was consistent with market expectations. The nation's Q1 current account deficit widened to 21.7B from 6.3B last year.
USD/INR fell 2.3% to a 10-day low of 55.50. If the slide continues in the week ahead, support is noted at the 55.00 figure which is confluent with the up-trending 55-day MA, while resistance is at 56.37 (25 June low). The cross is virtually unchanged from its starting price at 55.50.
India's balance of payments figures released Friday are unlikely to be a major trigger of price action in the hours ahead as the data was consistent with market expectations. The nation's Q1 current account deficit widened to 21.7B from 6.3B last year.
