On Friday, rupee opened on 71.9000 and traded in the range of 72.0350-71.5700 against US dollar led by a rally in domestic equities and renewed hopes of the US-China trade talks. Moreover, the rupee sentiment revived as concerns over US-China trade friction receded after China said it will not retaliate against the latest US tariffs. On the flip side, the dollar rose to its highest level in nearly a month, enjoying continued support from tentative signs of approchement in the trade war with China ahead of the long Labor Day weekend.
- Wall Street closes mostly in the green despite month-end vol’.
- Indonesia’s CPI rises 3.49% y/y in August, misses estimates (IDR unfazed).
- China’s Caixin Manufacturing PMI unexpectedly returns to expansion in August, Aussie erases losses.
- BOJ reduces purchases of 10-25-year JGBs.
USDINR after correction unable to sustain on higher levels closed on lower levels.
Currency pair shows more bearish movements if able to sustain below its support zone of 71.4000 and find next support around 71.2000.
EURINR after negative opening showed negative movements closed with loss.
Sustaining below resistance of 79.5000 currency pair continue bearish movements and drag towards its support of 79.0000.
GBPINR opened with negative bias and closed around its support zone.
Now, 87.0000 is seen as strong support for the currency pair breakout below this mark it may shows negative movements towards 86.8000.
JPYINR showed sideways to bearish movements closed with negative bias.
If able to continue bearish movements then 67.0000 is act as strong support zone for the currency pair below which it is more bearish.
(Click to submit your details) Just one step to get best trading tips and Recommendation.