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The dollar rose to a five-day high against the Japanese yen on Monday as authorities' efforts to rein in worries over the global banking system helped soothe investor nerves.

The U.S. currency, however, clung to a narrow range against most major currencies as investors appeared hesitant to place big wagers in either direction as they sought clarity on

the fallout from the recent collapse of two U.S. lenders and the rescue of Credit Suisse.

Global banking stocks, which have been battered this month following the sudden collapse of Silicon Valley Bank and Signature Bank, received some respite on Monday after the Federal Deposit Insurance Corporation said First Citizens BancShares Inc would acquire all of Silicon Valley Bank's deposits and loans from the regulator.

This helped ease some fears of contagion in Europe with an index of European banking shares up up 1.43%, led by Deutsche Bank which jumped 6.15% after an 8.5% slide on Friday. The S&P 500 Banks Index was up 3.49%.

Easing worries helped the dollar rise 0.77% to 131.75 yen, reversing some of its recent losses against the Japanese currency. Risk-averse investors had sent the yen to a sevenweek high of 129.65 per dollar on Friday and the currency was on track to clock a 3.5% gain in March.

The dollar index, which measures the currency against six rivals, was 0.087% lower on the day at 102.9, not far from the near 7-week low of 101.91 touched on Thursday.

The euro was 0.3% higher at $1.0794, after data on Monday showed German business morale unexpectedly improved in March despite the banking sector turmoil.

Major support for USDINR April Future lies at 82, breaking of which positional trend would turn bearish. Resistance for the pai is seen at 82.80. Traders should take bearish stance in the pair for the day

Technical Observations:

USDINR April fut has formed symmetrical triangle in last three sessions, where range has narrowed.

Any level below 82.29 would result in to fresh breakdown on the short term charts

Moving averages indicate bearish trend for the pair

Indicators and oscillators have also sloping downwards and are in favor of bears

Major support for the pair lies at 82, breaking of which positional trend would turn bearish

Resistance for the pai is seen at 82.80 Traders should take bearish stance in the pair for the day

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