The Indian rupee strengthened against the U.S. dollar in the morning deals on Monday as regional stocks rose, reflecting renewed optimism about the European Central Bank’s new stimulus measures and on higher crude oil prices. Better than expected Japanese core machine orders data also boosted risk appetite.
Against the greenback, the rupee rose to a 2-month high of 66.8800 from an early low of 66.9990. At Friday’s close, the rupee was trading at 66.0100 against the greenback.
If the rupee extends its uptrend, it is likely to find resistance around the 66.20 area.
Traders await the release of nation’s wholesale price and consumer price indexes for February scheduled later for the day.
The material has been provided by InstaForex Company – www.instaforex.com