Against the US dollar, the Indian rupee depreciated by 2 paise to open at 71.4500 but trimmed the losses in early trade and traded in the range of 71.4500 and 71.2125 on increased selling of the American currency by exporters amid foreign fund inflows. Moreover, foreign capital inflows in the domestic equity markets supported the rupee, but a lower opening of the domestic equity market capped the gains. On the flip side, the dollar edged upwards to a new high for 2019 as the slowdown in the euro zone showed signs of raising more political instability.
- The Swiss franc swooned almost 1% at the start of Asian trade Monday as thin liquidity caused by a Japan holiday led to a mini recurrence of the “flash crash” that roiled FX markets early last month.
- The euro came under pressure as core European government debt yields touched their lowest in over two years.
USDINR opened with negative bias showed sideways movements closed with loss.
If able to find support of 71.0000 and sustain above it then shows bullish movements towards its resistance zone of 71.7000.
EURINR after bearish opening showed sideways movements closed with negative bias.
Immediate support for the currency pair is seen around 80.7000 sustaining below this it may drag towards support of 80.5000.
GBPINR after negative movements found support on lower levels closed around its resistance.
Currency pair shows bullish movements if able to break its resistance level of 92.5000 and find next resistance around 92.8000.
JPYINR showed negative movements and closed below its support zone.
If continue to trades on lower levels in upcoming session then give negative breakout from its immediate support and drag towards 64.3000.
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