The Rupee on Monday opened 15 paise up at 63.89 against dollar on account of selling of American currency by banks and exporters. FDI inflows to India is expected to rise significantly over the next few years and this will support the rupee against US dollar, an UBS report said.
The euro extended gains to a 2.5 year high against the dollar on Monday after the European Central Bank president held back from talking down the currency and as markets worried about the impact of Tropical Storm Harvey on the US economy. The euro was 0.1 per cent higher at $1.1929 after rising to $1.1966, its highest since January 2015.
• European Monetary Union M3 Money Supply (3m) declined to 4.8% in July from previous 4.9%Italy Consumer Confidence above forecasts (106.9) in August: Actual (110.8).
• Sweden Trade Balance (MoM) fell from previous 4.2B to -0.5B in July.
• Sweden Retail Sales (YoY) meets expectations (3.7%) in July.
USDINR opened on a weak note and sustained on lower levels and finally closed in red.
Closing below the mark of 64.0000 indicates weak trend and now 63.7000 is seen as next support level while it needs to sustain above 64.0000 to again gain strength.
EURINR opened with positive momentum and continued it throughout the session.
It breached the important level of 76.2000 and so strength may continue towards higher levels whereas 75.9000 is seen as immediate support.
GBPINR gradually gained momentum throughout the session and closed on positive note.
The currency pair took strong support of the mark 82.0000 and now it may head towards the next major resistance of 82.9000 whereas 82.2000 is seen as immediate support.
JPYINR traded in sideways to weak trend and closed in red territory.
It found strong support around 58.5000 and closing around it indicates that sustaining below it in coming session can further drag it while 58.7500 is seen as resistance ahead.
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