The Indian Rupee opened flat at 72.6975 and hovered in the range of 72.7375 and 72.5600 against the US dollar on account of mild selling of the US currency by exporters amid easing crude oil prices. Moreover, Dollar weakness against major Asian peers and strong domestic bourses supported the Rupee sentiment.
On the flip side, dollar remained steady against basket of currencies as market participants keenly awaited cues from US Federal Reserve meeting that ends later in the global day while the New Zealand dollar jumped on a better-than-expected business confidence report.
- United Kingdom CBI Distributive Trades Survey – Realized (MoM) came in at 23%, above forecasts 16% in September.
- United Kingdom BBA Mortgage Approvals came in at 39.402K below forecasts 39.7K in August.
- Singapore Industrial Production (MoM) below forecasts -0.6% in August: Actual -2%.
USDINR showed correction unable to sustain on lower levels closed with partial loss.
Psychological level of 73.0000 is immediate resistance for the currency pair if able to sustain above it then continue bullish movements.
EURINR opened with negative bias showed correction closed around its day low.
More correction can be seen in particular currency pair if break immediate support of 85.7000 and find next support around 85.3000.
GBPINR after correction found support on lower levels closed around psychological level.
If continue to trades above 96.0000 level in upcoming session then currency shows bullish movements and may find resistance near 96.5000.
JPYINR showed correction and closed around its strong support level.
Now, sustaining above its support zone may take it towards resistance level of 65.0000 above which it shows more positive movements.
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