Against the US dollar, the Indian rupee opened flat at 71.1125 amid strengthening American currency and rising crude prices. Moreover, lower opening of domestic equities also weighed on the local unit. On the other hand, dollar held near a two week low as as growing concern over the trade conflict between the US and China heightened the safe-haven appeal of the Japanese yen and the Swiss franc.Investors turned cautious at the start of a busy week packed with earnings, economic data and a Federal Reserve meeting.
- Yen gained after U.S. authorities hit Chinese technology firm Huawei with criminal charges, ratcheting up trade tensions between the world’s two largest economies.
- Australian business conditions deteriorated sharply late last year, tumbling by the most since the height of the GFC.
USDINR showed sideways movements throughout the session closed with flat note.
Sustaining above psychological level of 71.0000 give strength to particular currency pair and shows positive movements towards its resistance zone of 71.7000.
EURINR showed sideways to positive movements closed with gain.
82.0000 is seen as immediate resistance zone for the currency pair sustaining above this it may shows bullish movements.
GBPINR after correction unable to sustain on higher levels closed with loss.
Currency pair fined resistance above 94.0000 mark and unable to sustain on higher levels which indicates some correction in it towards 93.6000.
JPYINR showed correction from higher levels closed with flat note.
Now, 65.0000 is seen as strong support for the currency pair if correction occurs it may find support around it. On higher levels 65.5000 is act as resistance for it.
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