The local market opened lower today following a weak lead from overseas on the weekend.

The banking and finance sector was leading the fall with all the major banks trading lower. There was also some weakness among the big miners, making the weakness quite widespread.

The US dollar had a slight rebound as investors look to safe haven currencies again. Though the greenback remains under pressure due to uncertainties in the US economy, the safe haven factor is now on its favour.

The Aussie dollar failed to maintain its upward trend and depreciated against US dollar and is now trading around the 0.8890 level. The AUD/USD pair is likely to trade in a tight range with temporary resistant level around 0.8926 and support around 0.8860 level.