The Indian rupee on Monday erased all the morning gains and closed weaker against US dollar tracking losses in the Asian currencies market. The home currency ended at 63.50 a dollar, down 0.20% from its Friday’s close of 63.37. In the morning trade, the rupee opened at 63.32 a dollar and hit a fresh 32-month high of 63.25, a level last seen on 29 April 2015.
Dollar index which measures the US currency’s strength against major currencies trading at 92.179 up 0.25% from its previous close of 91.949.
• Portugal Unemployment Rate dipped from previous 8.5% to 8.2% in 4Q.
• European Monetary Union Retail Sales (YoY) above expectations (2.2%) in November: Actual (2.8%).
• Singapore Foreign Reserves (MoM) increased to 279.9B in December from previous 279.6B.
USDINR pair showed good bounce back from its lower level and closed the session near to its day high. For upcoming session if it manages to hold above 63.8000 then upside movement can be seen, on southern side it has 63.4000 as an important support zone.
EURINR pair witnessed steep fall and closed the session with weakness. Now, 76.2000 act as a crucial support level below this it can move towards deeper support level where as 76.5000 is immediate resistance.
GBPINR pair unable to sustain at lower level and bounce back, closed the day with positive note. This pair has immediate resistance of 86.3000 if it manages to hold above this mark then more upside movement towards 86.7000 can be seen and 85.9000 is support zone.
JPYINR pair has given short covering from its lower level and closed the session near to its day high. For upcoming session if it manages to hold above 56.6000 then more upside movement may be seen, on downward side it has 56.0000 as a support level.
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