Market Outlook

The rupee tumbled 2 paise to open at 69.0800 against the US dollar in early trade on Wednesday amid unabated foreign fund outflows and rising crude oil prices. Meanwhile, market participants are awaiting cues from the outcome of the Federal Open Market Committee (FOMC) meeting later on Wednesday. The dollar was holding steady against a currency basket on Wednesday ahead of the Federal Reserve’s rate decision later in the day where policymakers were widely expected to deliver their first rate cut in more than a decade.

Fundamental News

  • Asian stocks drop, Kospi hits 7-month low ahead of the Fed.
  • Trade negotiations between the US and China in Shanghai have come to an end.
  • Fed set for a historic cut, NFP-leading data, and some stability in Sterling for a change.
  • Pound Plunge May Test Johnson’s ‘Pain Threshold’.

USDINR opened with positive bias found resistance and closed around its support.

Currency pair unable to sustain above 69.0000 mark, if able to continue negative movements then it may find support around 68.5000.

EURINR showed negative movements from higher levels closed with loss.

If able to sustain below 77.0000 mark in upcoming session then currency pair shows more bearish movements towards 76.5000.

GBPINR after correction unable to sustain on higher levels closed with partial loss.

Sustaining below 84.0000 mark currency pair continue its bearish movements and find support around 83.5000 below which it is more bearish.

JPYINR showed correction and found strong resistance closed with negative bias.

Now, 63.4000 is seen as immediate support zone for the currency pair breakout below this level it may continue negative movements.

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