The Rupee opened 18 paise down at 65.05 against dollar ahead of the RBI’s first bi-monthly policy review for 2017-18 due later in the day.
The Reserve Bank of India, in its first monetary policy review of financial year 2017-18, kept the repurchase (repo) rate unchanged at 6.25%, citing upward risks to inflation and global uncertainty.
The Monetary Policy Committee, however, raised the reverse repo rate by 0.25 basis points to 6%, and cut the marginal standing facility (MSF) rate to 6.5%.
• India Reverse Repo Rate up to 6% from previous 5.75%.
• Spain 10-y Obligaciones Auction down to 1.61% from previous 1.935%.
• Greece Unemployment Rate (MoM) rose from previous 23.1% to 23.5% in January.
• France 10-y Bond Auction increased to 0.97% from previous 0.91%.
USDINR opened on a flat note but gradually declined during the session to close on a weak note.
It closed below the psychological mark of 65.0000 and sustaining below it may continue the further bearishness while 65.3500 will continue to act as stiff resistance.
EURINR broke the three day consolidation range on daily chart and closed near deeper supports.
Now, it is near to the next crucial mark of 69.0000 while any closing above 69.4500 can direct some strength for the currency pair.
GBPINR continuously faced stiff resistance at higher levels and dragged down.
Closing below 81.0000 is very crucial sign for the counter as it may continue the bearishness over coming sessions whereas 81.5000-81.7000 is resistance range.
JPYINR witnessed strong sell offs after it exhibited reversal candlestick pattern in the previous session.
If it continue to drag then 58.0000 is seen as psychological support while 58.8000-59.0000 may resist the currency pair to move northwards.
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