The Rupee opened 11 paise down at 64.35 against dollar on account of fresh demand for the US currency from importers and banks amid cautious global sentiment.
Most Asian currencies traded in tight ranges on Monday, tracking movements in the US dollar ahead of the Federal Reserves’ policy meeting this week, where it is widely expected to raise interest rates. China’s yuan steadied in narrow trade against the U.S. dollar on Monday, with the market switching its focus to the U.S. Federal Reserve’s policy meeting this week.
• Germany Trade Balance s.a. below forecasts (€20.3B) in April: Actual (€19.8B).
• Australia Home Loans came in at -1.9%, below expectations (-1%) in April.
• China Consumer Price Index (MoM) came in at -0.1%, above forecasts (-0.2%) in May.
USDINR opened at positive note and sustained at higher levels for the entire session.
If the bulls continue in the coming session then the pair may find resistance around 64.7000 whereas 64.3000 will continue to act as important support.
EURINR gained momentum after the three days consecutive fall on daily chart.
On gaining further, the counter may proceed towards the immediate resistance of 72.7500 while 72.2500 is seen as near term support.
GBPINR was unable to show northward move after the formation of reversal candlestick pattern.
It may show positive move towards the immediate resistance 82.5000 if it holds above the mark of 82.0000. On lower side, 81.9000 may act as immediate support.
JPYINR washed off the losses so seen in the last three successive sessions and closed in green.
If the rally continues in the coming session then it may move towards the psychological mark of 59.0000 while 58.5000-58.3000 may act as support range.
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