The rupee depreciated by 10 paise to 69.9950 against the US dollar in early trade on Monday on weak opening in domestic equities and rising crude oil prices. Rising crude oil prices, foreign fund outflows and heavy selling in domestic equities kept pressure on the Indian rupee. Brent crude futures, the global oil benchmark, rose 0.29 per cent to USD 62.19 per barrel. The U.S. dollar rose to a two-week high after strong economic data last week led investors to reassess whether the Federal Reserve will sound as dovish as expected at this week.
- US dollar retreats amid quiet Asian affair, Draghi’s speech in focus.
- China central bank injects funds, second phase of RRR cut takes effect.
- Singapore exports down 15.9% y/y in May.
- BOJ to stand pat amid trade war, dovish Fed expectations.
- USD/IDR clings to 21-day SMA as traders await Bank Indonesia decision amid fewer fresh clues.
USDINR after correction found support and showed positive movements closed with gain.
Currency pair continue its bullish movements if able to sustain above psychological level of 70.0000 and find next resistance near 70.3000.
EURINR showed correction after negative opening closed with loss.
78.4000 is act as strong support for the currency pair trading above this mark it may shows positive movements towards 79.0000.
GBPINR unable to sustain on higher levels showed bearish movements closed with negative bias.
Sustaining below 88.0000 mark in upcoming session currency pair may drag towards its next support zone of 87.7000. On higher levels 88.4000 is immediate resistance for it.
JPYINR after negative opening found support on lower levels closed around its resistance.
If open above its immediate resistance of 64.5000 currency pair may continue bullish movements and find resistance around 65.0000 mark.
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