The Rupee opened nearly 2 paise down at 68.90 on Monday on account of buying of American currency by banks and exporters.
The dollar hit a 2 week high against yen with another round of gains on Monday as investors focused again on the U.S. reflation trade which dominated the aftermath of Donald Trump’s election but has stalled this year. All eyes are fixed on testimony by Federal Reserve chief Janet Yellen this week after signs that other policymakers at the U.S. central bank are leaning towards more hikes in interest rates than the two currently priced in by markets.
- Germany Wholesale Price Index (MoM) down to 0.8% in January from previous 1.2%.
- Netherlands, The Retail Sales (YoY) down to 3.9% in December from previous 7.2%.
- Japan Gross Domestic Product Deflator (YoY) increased to -0.1% in 4Q from previous -0.2%.
USDINR moved in the same range without any major volatility and closed the session on a flat to positive note.
Correction on higher side can be seen if it sustains above the mark of 67.0000 and it may head towards 67.3000. On lower side, 66.8000 is seen as nearest support.
EURINR after consecutive fall corrected slightly in the second half of the session.
On lower side, 71.0000 is seen as important support mark whereas 71.9000-72.0000 is seen as immediate resistance range for the pair.
GBPINR took strong support on daily chart and raised towards the immediate resistance levels on daily chart.
Strength is expected till it sustains above the mark of 84.0000 and 84.5000 is marked as stiff resistance whereas 83.5000 may continue to act as important support.
JPYINR sustained in the same range after the gap down opening in the previous session.
It may inch higher in the coming sessions if it sustains above the mark of 59.0000. However, resistance is likely to face at such higher levels and 58.6000 may act as good support.
(Click to submit your details) Just one step to get best trading tips and Recommendation.