The rupee opened on a weak note and declined by 28 paise to open at 71.3225 against the US dollar in opening trade after Moody’s Investors Service changed the outlook on India’s ratings to ‘negative’ from ‘stable’, saying there was increasing risks that economic growth will remain materially lower than the past. Sustained foreign fund inflows supported the local currency though the gains were capped by hardening crude oil prices.
- Markets whipsawed on fast-moving trade headlines, Canadian jobs and US consumer sentiment eyed.
- Australia: Housing finance demand surged 3.2% in September.
- China’s Oct trade data (CNY): Surplus – a big beat on expectations, Aussie sticks to lows.
- Foreign Reserves in Indonesia expected to keep growing.
USDINR showed sideways movements after positive opening closed with gain. Now, 71.6000 is seen as strong resistance for the currency pair sustaining below this mark it may drag towards support of 71.0000.
EURINR found resistance on higher levels showed correction closed with partial loss. 79.0000 is act as strong resistance zone for the currency pair if able to sustain below this mark it may shows bearish movements towards 78.4000.
GBPINR showed sideways movements throughout the session closed with flat note. Immediate resistance for the currency pair is seen around 91.5000 sustaining above this level it may continue bullish movements towards 91.8000.
JPYINR after positive opening showed correction closed around its support. On lower levels 65.0000 is still act as strong support zone for the currency pair above which it may shows some correction towards 65.5000.
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