The Indian rupee on Monday strengthened against the US dollar tracking gains in the local equity and Asian currencies markets. It opened 11 paise higher at 64.27 against dollar on account of buying of American currency by banks and exporters.
The euro rallied to a six-month high against the dollar Monday after pro-European centrist Emmanuel Macron’s victory in the French presidential election eased concerns about the country’s future in the euro zone.
• Euro rallies to six-month high after Emmanuel Macron wins French presidential election.
• German Manufacturing in March 2017: New orders +1.0% seasonally adjusted on the previous month.
• Japan Consumer Confidence Index fell from previous 43.9 to 43.2 in April.
USDINR sustained in the same range as in last few session and closed on a flat to negative note.
The pair needs to sustain above 64.6000 to gain strength whereas 64.3500 is seen as immediate support for it below which sell offs could occur.
EURINR was not able to continue the positive momentum so seen in the last session.
It is near to the psychological resistance of 71.0000 sustaining above which can lead it higher while holding below 70.5000 may drag it towards 70.0000.
GBPINR carried forward the positive move so taken since last few session and closed on a flat to positive note.
The currency pair is hovering around the stiff resistance i.e. around 83.7500 and may give positive breakout. On lower side, 83.4000 is acting as key support.
JPYINR is being able to sustain above the major support levels on daily chart.
Any closing below 57.0000 may result in bears for the counter. On the other hand, 57.6000 may act as strict resistance for it.
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