Market Outlook

The Indian rupee appreciated by 32 paise to 71.5975 against the US dollar as gains in domestic equity market and easing crude prices strengthened investor sentiments. Moreover, half of Saudi Arabia’s daily production has been recovered post-attack enthused investors. The U.S. dollar steadied on Wednesday in Asia ahead of the U.S. Federal Reserve’s two-day policy meeting. The Fed is expected to cut the target range for the Fed funds rate by 25 basis points at this week’s meeting.

Fundamental News

  • Asian firms’ business confidence bounces-off 10-year lows.
  • Fed set to trigger high volatility, oil falls, altcoins advance.
  • UK: Core CPI likely to slip to 1.7%.
  • Japan’s Motegi: Wants confirmation that no additional auto tariffs will be imposed in US trade talks.

USDINR

USDINR showed bearish movements closed with negative bias. 71.0000 is seen as strong support zone for the currency pair sustaining below this mark it may drag towards next support of 70.7000.

EURINR

EURINR opened with partial loss showed bearish movements closed with loss. If able to sustain on lower levels then currency pair find support around 78.5000 below which it is more bearish and next support is at 78.2000.

GBPINR

GBPINR unable to sustain on higher levels showed negative movements closed around its support. 88.7000 is seen as immediate support zone for the currency pair breakout below this mark it may find next support near 88.3000.

JPYINR

JPYINR after negative opening showed bearish movements closed below its support level. Sustaining below 66.0000 mark currency pair continue bearish movements and find next support around 65.5000. On higher levels 66.2000 is resistance for it.

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