The rupee too recouped its massive initial losses but ended still lower by 20 paise to 64.24 a dollar after the trends showed the BJP will form governments in Gujarat and Himachal Pradesh. Minister for Planning and Development Ahsan Iqbal said on Monday that the government was examining a proposal to replace the US dollar with the Chinese yuan for trade between China and Pakistan. He was talking to journalist’s formal launch of Long Term Plan for the China-Pakistan Economic Corridor 2017-30 signed by the two sides on Nov 21.
• European Monetary Union Construction Output s.a (MoM) registered at -0.4%, below expectations (0.1%) in October.
• Germany IFO – Business Climate below expectations (117.5) in December: Actual (117.2).
• New Zealand ANZ Business Confidence climbed from previous -39.3 to -37.8 in January.
USDINR pair witness the steep fall through out the day and closed the day with loss.Now, it has immediate support level of 63.9000 if it sustain below this mark then it can move towards deeper support of 63.7000. On upper side it has resistance level of 64.30000.
EURINR pair started the day with gap down and followed its down side movement, settled the day with weakness.
This pair has crucial support of 75.5000 below this it can continue its southward journey towards next support of 75.2000. On higher side 75.9000 is good reresistance level.
GBPINR pair was drag down from its upper level and closed the session with negative note.If it sustain below 85.5000 level then down side break out may be expected. On northward side it has 86.0000 as a resistance level above this some bounce back can be seen.
JPYINR pair opened the day with gap down and continued its southward journey, closed the session with weak note.
It has 56.8000 as a important support zone below this mark more selling may be witnessed where as 57.2000 is major resistance level above this some correction may be seen.
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