The Indian rupee appreciated by 11 paise to open at 70.4550 against the US dollar after Brent crude oil prices receded from a six-month high of $ 75.60/barrel. Moreover, the greenback’s weakness against key rivals overseas, sustained foreign fund inflows and heavy buying in domestic equities also supported the rupee upmove. On flip side, dollar traded flat among major Asian peers. Federal Reserve rate decision and another round of U.S.-China trade talks are expected to be in focus this week.
- China’s industrial profits rebound from four months of contraction.
- Asia Pacific stocks trade mixed; Japan markets closed for 10-day holiday.
- The Bank of England is expected to leave monetary policy unchanged after its meeting on Thursday.
- In US economic data, orders for durable goods rose by 2.7% in March, the largest one-month increase since last summer.
USDINR opened with partial loss continued bearish movement closed with loss. Now, psychological level of 70.0000 is act as strong support for the currency pair if continue negative movements then find support around it.
EURINR after correction unable to sustain on higher levels closed around its support. Sustaining below immediate support of 78.5000 currency pair may drag towards its support of 78.2000. On higher levels 79.0000 is strong resistance for it.
GBPINR showed sideways movements throughout the session closed with partial loss. Currency pair continues its bullish movements if able to sustain above resistance mark of 91.3000 it may find next resistance near 91.5000.
JPYINR found resistance on higher levels showed correction closed around its psychological level. On higher levels 63.3000 is act as strong resistance for the currency pair sustaining below this mark it may drag towards 62.5000.
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