Fundamental Aspect: -
On Monday , USDINR opened 15 pips firm supported by general election schedule announcement @ 70.00/01 against Friday closed at 70.15/16.
FII regular Inflows keep USDINR firm move.
Oil Price providing some support to USDINR.
Technical Aspect:-
As per daily chart USDINR trading in Oversold territory, but underlying getting resistance near 70.25/30 levels. Exporters start covering in tranches on every 15-25 pips move.
INTRADAY RANGE - 69.45 ( 69.80 - 70.28 ) 70.69
On Friday , The rupee saw a fall despite drop in global crude prices and weakness in US dollar against key rival currencies.
At the Interbank , USDINR opened lower at 70.17 a dollar and fell further to touch the day's low of 70.2250. It finally settled at 70.15/16 per dollar, down 14 pips over its previous close.
Foreign exchange reserves increased by $2.599 billion in the week to March 1 to reclaim $400 billion, RBI data showed.
The British Pound fell on Monday in Asia on nervousness over Brexit, while the U.S. dollar edged up as traders look ahead to a fresh batch of U.S. economic data this week.
The British parliament is set to vote on a revised Brexit deal on Tuesday. If the revised deal is rejected, lawmakers may vote on Thursday to delay Britain’s exit from the European Union (EU) ahead of the March 29 deadline.
The U.K. Telegraph earlier reported that the EU could demand a multi-billion Pound increase in divorcee payment if the British parliament delays the deadline.
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