The Indian rupee appreciated by 10 paise to open at 71.2800 against the US dollar after Finance Minister Nirmala Sitharaman announced several measures to promote investment and growth. In a major relief to foreign portfolio investors, FM Nirmala Sitharaman said Super-rich tax will not apply on capital gains arising from sale of any security including derivatives in hands of FPIs. The government on Friday also slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
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USDINR after negative movements found support and closed around its resistance. Now, 70.7000 is seen as strong support zone for the currency pair sustaining above this mark it may shows positive movements towards 71.5000.
EURINR showed sideways to bearish movements closed with loss. If able to continue bearish movements in upcoming session then currency pair drag towards its support zone of 78.3000 below which 78.0000 is next support.
GBPINR opened with positive bias unable to sustain and closed with flat note. Currency pair shows negative movements if able to break its immediate support zone of 88.7000 and find next support around 88.3000.
JPYINR unable to sustain on lower levels closed around its short term resistance. Sustaining above 66.0000 mark currency pair shows bullish movements and on lower levels it may find support near 65.5000.
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