Market Outlook

The Indian rupee opened on a cautious note at 71.3175 and fell 23 paise to 71.5275 against the US dollar in early trade on Thursday amid rising crude oil prices and unabated foreign fund outflows. The U.S. dollar edged higher on Thursday, but struggled to make headway amid persistent concerns over fresh indications of a slowdown in the U.S. economy and a broadening of global trade frictions.

Fundamental News

  • Asian stocks extend declines amid fresh slowdown fears, trade tension.
  • WTO to hold a special dispute settlement at the US’ request on October 14th.
  • UK: Services PMI likely to slip to 50.4 in September.
  • Recession fears weigh boosts gold, EU digesting Boris Johnson’s new plan, new trade front.

USDINR

USDINR found resistance on higher levels closed around its support. Sustaining below 71.0000 mark in upcoming session currency pair shows bearish movements and find support around 70.7000.

EURINR

EURINR opened with positive bias showed correction closed with partial gain. Now, 78.0000 is act as crucial zone for the currency pair sustaining below this mark it may continue bearish movements.

GBPINR

GBPINR unable to sustain on higher levels showed bearish movements closed with loss. 87.3000 is seen as immediate support for the currency pair sustaining below this level it may drag towards its support zone of 87.0000.

JPYINR

JPYINR after positive opening showed correction closed with positive note. If able to continue correction phase currency pair find support around 66.2000 below which next support is seen near 66.0000.

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