On Monday, Rupee opened at 71.31/32 with 10 pips weaker verses Friday closed at 71.22/23 against greenback.
Early trade weakness mainly due to higher oil prices.
India 10 Yr Yields up indicating that some profit taking in BONDS.
Dip will be buying opportunity for Importers.
First Resistance on 71.53/57 after breach that will lead up to 71.65/70 zone.
On the contrary , First Support stood at 71.15/16.
INTRADAY RANGE - 71.66 ( 71.41 - 71.16) 70.95
On Friday, USDINR opened at 71.23 and climb up to 71.4375/4475. After some selling pressure rupee able to finished near 71.22/23 levels against dollar.
The Reserve Bank has turned net buyer of dollars in December, first time in the current fiscal year, as it purchased $607 million of the greenback on a net basis from the spot market, according to the latest data.
The central bank bought $837 million and sold $230 million in the spot market during the reporting month.
The dollar index, a gauge of its value versus six major peers was marginally lower at 96.59. The index has gained 1.4% so far this month despite weaker-than-expected U.S. data as well as a cautious Federal Reserve which is widely expected to keep rates steady this year due to a slowdown in growth and muted inflation.
United States and China reported progress in five days of negotiations in Beijing last week, although the White House said much work remains to be done to force changes in Chinese trade behavior.
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