The Rupee hit a nearly 1-1/2 year high against the dollar on Monday, tracking gains in Asian currencies after U.S. President Donald Trump’s failure to pass a healthcare reform bill raised concerns about the chances of a U.S. fiscal stimulus.
Emerging equities were pressured on Monday by growing concern for so-called Trumpflation trades, although the dollar’s retreat to four-month lows allowed currencies such as the rand and rupee to scale multi-month highs.
• Dollar hits four-month low as Trump trade deflates.
• Asian currencies rise as dollar falls across the broad.
• German Ifo business morale brightens unexpectedly in March at 119.3, above forecasts (118.3).
• European Monetary Union M3 Money Supply (3m) declined to 4.9% in February from previous 5%.
USDINR opened with large gap down and closed on a weak note on daily chart.
The currency pair surpassed the important support of 65.2700 and sustaining below 65.0000 can further drag it down towards deeper supports.
EURINR moved in sideways manner since last few sessions and closed on a flat note.
On daily chart, 71.0000 will continue to act as key resistance for the currency pair whereas 70.5000 is seen as immediate support.
GBPINR found support at lower levels and bounced towards the important resistance mark.
On maintaining above 82.0000 it may soon breach 82.1000 and further move northwards to test higher levels. On lower side, 81.5000 is seen as good support.
JPYINR opened higher but was unable to extend the bulls; although closed above the previous close.
It needs to surpass the important mark of 59.1000 which can help the pair to inch towards the next resistance of 59.5000 whereas 58.7000 is seen as key support.
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