Extending it losses on third day, the Indian Rupee slumped to a fresh record low of 71.2500 and throughout the day swinging in the range of 71.2500 and 71.0200 against the US dollar. The reason behind rupee underperforming is due to robust month end demand of dollar among importers especially oil importers, rising crude oil prices and lingering Sino-US trade tensions. Against major Asian peers, the US dollar was lower as trade tensions between China and US continued to put pressure on the greenback. However, market participants tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.
- European Monetary Union Unemployment Rate meets expectations 8.2% in July.
- European Monetary Union Consumer Price Index – Core (YoY) came in at 1%, below expectations 1.1% in August.
- Greece Retail Sales (YoY) dipped from previous 4.6% to 1.8% in June.
USDINR found support on lower levels showed positive movements closed with gain.
If able to sustain above its immediate resistance level then continue bullish movements and find resistance around 71.7000 mark.
EURINR showed sideways movements and closed with partial loss.
Currency pair found resistance on higher levels if trades below it in upcoming session then some correction can be seen in it.
GBPINR open with positive bias showed sideways movements closed with gain.
Immediate resistance for the currency pair is seen around 92.8000 if give breakout above it then shows bullish movements in upcoming session.
JPYINR showed bullish movements throughout the session closed with gain.
Now, more bullish rally expected in particular currency pair if sustain above its resistance zone of 64.5000. On lower levels 64.0000 is strong support for it.
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