• USDINR traded lower witnessed pressure from strong FII inflows and sharp rally in equity indices which help rupee strengthening for the day. The weaker dollar also supported the firmness in rupee despite Friday’s positive non-farm payroll data.
• The dollar fell against most currencies on slower job growth rate as monthly U.S. job growth data was its strongest in over 1-1/2 years while wage gains slowed more than expected, supporting the view the Federal Reserve would not quicken its pace on raising interest rates.
• We expect USDINR to trade sideways to down due to pressure in dollar with resistance at 65.30/65.70, support 65/64.80.
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