India’s rupee has breached the record low set in 2013 and yet there’s hardly a sense of panic among investors. While an impending Federal Reserve action is once again the trigger for currency losses, confidence in Asia’s third-largest economy has grown over the last three years as policy makers succeeded in narrowing the current-account deficit and taming inflation. At the same time, a war chest of foreign-exchange reserves is seen coming handy to cushion local markets from global shocks. The currency glided to a new low of 68.8650 per dollar on Thursday amid a 2.9 per cent decline this month.
• Dollar advances to eight-month high versus yen as U.S. yields resume climb.
• United Kingdom Gross Domestic Product (YoY) in line with forecasts (2.3%) in 3Q.
• Austria Industrial Production (YoY) increased to 2.6% in September from previous 2.3%.
USDINR dropped after consecutive rise since several sessions and closed the session in red.Although it corrected on lower side but still strength is predicted till it sustains above the level of 68.0000 while 68.7000-69.000 will continue to act as resistance range.
USDINR dropped after consecutive rise since several sessions and closed the session in red.
Although it corrected on lower side but still strength is predicted till it sustains above the level of 68.0000 while 68.7000-69.000 will continue to act as resistance range.
GBPINR after the strong closing in the previous session corrected and closed on weak note.Strength can be seen in the pair if it holds above the resistance of 85.3000 and may lead towards 85.8000. On the lower side, 84.7000 is seen as immediate support.
JPYINR opened the session on lower levels and sustained at those levels to close below the previous close.
Now, 60.0000 is seen as the key psychological support for the pair while 61.0000-61.2000 may act as resistance range for the pair.
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