The rupee opened flat at 71.2125 against the US dollar in early trade on Monday, tracking gains in domestic equities and indication of a revival in trade talks between the US and China.
The U.S. dollar was hovering near two-week highs against a currency basket as U.S. Treasury yields bounced back from recent lows amid hopes that major economies will seek to prop up slowing growth with fresh stimulus.
- Asian stocks rise as US yield curve reverses inversion.
- Japan’s exports slip for eighth month, sales to China drop as recession fears grow.
- China’s CNPC Suspends Venezuela Oil Due To Worries Of Impact From U.S. Sanctions.
USDINR showed bullish movements and closed around its resistance. Sustaining above 71.5000 mark in upcoming session currency pair continue bullish movements towards resistance zone of 72.0000.
EURINR founs support and showed positive movements closed with gain. Below 79.7000 currency pair still in weak zone and may continue bearish movements towards its support zone of 79.0000.
GBPINR showed correction from higher levels closed with flat note. 86.8000 is seen as strong resistance zone for the currency pair sustaining above this mark it may shows bullish rally towards 87.0000.
JPYINR showed sideways to bullish movements closed with partial gain. If able to sustain above 67.0000 mark in upcoming session currency pair shows some bullish movements and find resistance around 67.5000.
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