Market Outlook

The Indian rupee opened at 70.9000 per dollar, with selling seen in the domestic equity market as Nifty trading below 11,900. On the flip side, US dollar rose against the yen on Tuesday thanks to growing optimism the United States and China are on the verge of reaching a preliminary agreement to scale back their bruising trade war. The yen and the Swiss franc, two currencies that are often bought as safe havens during times of economic or political strife, nursed losses as investors became more comfortable taking on risk.

Fundamental News

  • Asian stocks: On the front foot as trade optimism favors risk-on.
  • Indonesia GDP grows 5.02% YoY in Q3, USD/IDR stays on the backfoot.
  • GBP/USD: On its way to third daily loss ahead of UK Services PMI.
  • RBNZ likely to cut the OCR to 0.75%.
  • PBOC cuts interest rate on one-year MLF to 3.25% from 3.30%

 

USDINR

USDINR after negative opening found support and closed with loss. If able to shows positive movements in upcoming session then immediate resistance for the currency pair is seen around 71.0000.

EURINR

EURINR opened with negative bias showed bearish movements closed on lower note. Now, 78.7000 is act as support zone for the currency pair sustaining below this mark it may drag towards next support of 78.5000.

GBPINR

GBPINR after negative movements found support and closed around its intraday resistance. Currency pair continue positive movements if able to sustain above its resistance of 91.6000 and find next resistance around 91.8000.

JPYINR

JPYINR showed bearish movements throughout the session closed with negative bias. Psychological level of 65.0000 is seen as immediate support for the currency pair breakout below this mark it may continue bearish movements.

 

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