The Indian rupee strengthened against the U.S. dollar in the Asian session on Monday.
Data from Markit Economics showed that India’s manufacturing sector expanded at the fastest pace in four months in January, as output and new orders rebounded from December’s flood-related contractions. The Nikkei Manufacturing Purchasing Managers’ Index, or PMI, rose to 51.1 in January from 49.1 in December.
Against the greenback, the rupee rose to a 1-week high of 67.5900 from an early low of 67.9000. At Friday’s close, the rupee was trading at 67.8500 against the greenback.
If the rupee extends its uptrend, it is likely to find resistance around the 67.00 area.
The material has been provided by InstaForex Company – www.instaforex.com