The rupee appreciated by 11 paise to 70.9775 against the American currency in early trade on Thursday after the US Federal Reserve cut its benchmark interest rate. A positive opening in the equity market, weak dollar against other major currencies overseas and persistent foreign fund inflows supported the rupee. The dollar declined against a basket of major currencies, reversing earlier gains, after the Federal Reserve cut interest rates for the third time this year and its signal for a potential pause in the easing cycle was taken with a pinch of salt.
- Asian stocks cheer global central bankers’ easy money policies.
- Bank Of Japan kept monetary policy steady. The 0-year JGB yield target around 0% and maintained short-term interest rate target at -0.1%
- The FOMC reduced the policy interest rate by 25 basis points to a range of 1.5-1.75 per cent.
- China’s October PMIs shrink, indicating deflation risk.
USDINR after negative opening found support and showed correction closed with flat note.
Currency pair continue its bullish movements if able to sustain on higher levels and find strong resistance around 71.6000.
EURINR showed bullish movements after positive opening closed with gain.
Now, psychological level of 80.0000 is seen as strong resistance for the currency pair sustaining above this mark it may shows more bullish movements.
GBPINR after correction found support and showed bullish movements closed with positive bias.
Sustaining above 92.0000 mark currency pair continue positive rally and find resistance around 92.4000 above which 92.7000 is next resistance for it.
JPYINR unable to sustain on lower levels closed around its resistance.
66.0000 is seen as immediate resistance for the currency pair breakout above this mark it may shows positive movements towards 66.4000.
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