The rupee opened 6 paise higher at 66.75 against the dollar on Monday on account of selling of American currency by banks and exporters amid growing expectations of a US interest rate hike this month. The dollar dipped in Asian trading on Monday, as investors locked in gains after the greenback’s rise last week on growing expectations of a US interest rate hike this month. China has hinted at changing its long-standing yuan policy to liberalise its currency against the dollar.
• European Monetary Union Sentix Investor Confidence came in at 20.7, above forecasts (18.5) in March.
• Austria Wholesale Prices n.s.a (YoY) climbed from previous 6.2% to 7.4% in February.
• China targets 2017 GDP growth target of around 6.5% – RTRS.
• Australia ANZ Job Advertisements: -0.7% (January) vs prev. 4%.
USDINR opened gap down and sustained on lower levels for the entire session.
The currency pair had again slipped towards the major support of 66.8500 on daily chart below which selling pressure may increase.
EURINR opened the session on higher note but sharp downfall was seen at higher levels.On daily chart, it has made a reversal candlestick pattern which suggests that correction may take it lower while 71.1000 may act as resistance.
GBPINR again hovered near the support levels and found strict resistance at higher levels.The currency pair is finding key support near 81.9500 sustaining below which can weaken the pair whereas 82.5000 is acting as strong resistance from current levels.
JPYINR inched higher during the session but found stiff resistance at higher levels.On higher side, 59.0000 is acting as key resistance holding above which can lead to higher side while 58.5000 is seen as important support.
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