The Rupee wiped off its opening gains and was trading nearly 12 paise down at 68.54 against the dollar in early trade on Friday amid continued buying of the American currency by banks and importers. The local currency opened 5 paise up at 68.42 against the greenback. Meanwhile, the domestic equity market opened flat with a negative bias following global cues.
The dollar extended its losses on Monday, retreating from its highest levels since 2003 as U.S. Treasury yields eased from recent peaks.
• Dollar retreats from peaks, euro boosted by Fillon win.
• Greenback retreats as Treasury yields dip, China banks seen selling dollars.
• European Monetary Union M3 Money Supply (3m) down to 4.8% in October from previous 5%.
• Italy Business Confidence: 102 (November) vs previous 103.
USDINR showed pull back after a short downfall in the previous session and closed on a strong note.
It has been hovering around the important psychological mark of 69.0000 and any closing above it will lead to strength while 68.7000 is seen as immediate support.
EURINR opened with a bang and traded higher to the previous close for the whole session.
If it trades below 73.0000 then 72.8000 is seen as immediate support while 73.6000 may act as stiff resistance for the currency pair.
GBPINR opened gap up but dragged thereafter for the entire session to close on a flat note.
Strength can again be seen if it holds above the level of 86.0000 while on lower side, sustaining below 85.5000 can drag it towards the support range of 85.3000-85.2000.
JPYINR gained momentum with the start of the session and extended the gains so seen in the previous session.
On daily chart, if it holds above 61.7500 then it may move northwards towards 62.2600 while 61.0000 may act as near key support for the counter.
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