The Rupee on Monday opened 11 paise up at 64.02 against dollar on account of selling of American currency by banks and exporters.
The dollar edged lower against a trade-weighted basket of currencies on Monday after posting its biggest weekly drop in three weeks as expectations of US rate increases dwindled further after weak inflation data. With Japanese second-quarter growth expanding 1 per cent quarter-on-quarter, fueled by rising consumption and capital expenditure, investors stepped in to buy risky assets after tensions over North Korea.
• European Monetary Union Industrial Production s.a. (MoM) came in at -0.6% below forecasts (-0.5%) in June.
• India WPI Inflation came in at 1.88%, above forecasts (1.3%) in July.
• Netherlands, The Retail Sales (YoY) declined to 4.7% in June from previous 5.8%.
USDINR opened on lower note but gained momentum during the session to close on a flat note.
Closing above the mark of 64.0000 indicates strength and the pair may move towards the next resistance of 64.4000 while 64.0000 may continue to act as strict resistance.
EURINR hovered in the same range as of previous session and closed in green territory.
The counter needs to sustain above the mark of 76.0000 thereafter, it may move towards 76.4000 while 75.3000-75.0000 is seen as support range.
GBPINR lowered after the previous day downfall and closed in red zone.
The currency pair had faced strict resistance around 83.8000 levels from where it fell and now 83.0000 may act as key support for it.
JPYINR opened gap down and sustained at lower levels for the whole session.
It restricted near 59.0000 mark in the last session and drop from higher levels may find 58.3000-58.2000 as support range whereas 58.7000-58.85000 may act as resistance range.
(Click to submit your details) Just one step to get best trading tips and Recommendation.