The Rupee was strengthen by 8 paisa and opened at 67.3575 and hovered in the range of 67.7325 and 67.3100 against the Dollar due to fresh selling of the US currency by exporters and banks and a firm domestic equity market. However, the rupee’s gains were capped as the industrial output posted 4.4 per cent growth in March, the slowest in five months. Against the other major currencies, the dollar opened the week lower amid sagging U.S. 10-year Treasury yields. Markets also set eyes on the U.S. retail sales data on Tuesday to look for more directional drivers.
• Japan Machine Tool Orders (YoY) declined to 22% in April from previous 28.1%.
• China M2 Money Supply (YoY) came in at 8.3%, below expectations (8.5%) in April.
• Russia Foreign Trade rose from previous $12.192B to $15.001B in March.
USDINR showed positive movements closed above its resistance level.
Now, 67.8000 is act as immediate resistance for it, if able to sustain above resistance than more bullish rally seen in it towards 68.0000 mark.
EURINR showed bullish movements throughout the session closed with gain.
Broke its psychological resistance level, able to sustain above it and expected to continue positive movements towards next resistance level 81.5000.
GBPINR after positive movements found resistance on higher levels closed with gain.
92.1000 is act as resistance level for further bullish rally above which it may find next resistance around 92.5000. On lower levels 91.7000 is support for it.
JPYINR showed sideways to bullish movements closed with partial gain.
Closed above its resistance level suggest more positive movements in it towards 62.0000. If correction occurs than 61.5000 is act as strong support.
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