Market Outlook

The Indian rupee slipped in the early trade on Wednesday. It opened lower by 25 paise at 71.7875 per dollar versus Monday’s 71.5550, with domestic equity market are trading in red, Nifty below 11,900. On the flip side, dollar drifted in Asia after Trump said a trade deal was “close” but gave no new details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration’s economic policies.

Fundamental News

  • Trump dampens mood with threats of new tariffs, kiwi rallies, all eyes on Powell.
  • UK: CPI likely to slip to 1.5% in October.
  • RBNZ leaves rates unchanged at 1.00% disappoints the doves – Kiwi rallies hard.
  • China: M1 recovery supports growth stabilization.

USDINR after positive opening showed bullish movements closed with gain.

Currency pair continue its bullish rally if able to sustain above immediate support of 72.0000 and find resistance around 72.5000.

EURINR showed bullish movements after sustaining above its resistance closed with positive note.

Now, psychological level of 80.0000 is seen as strong resistance zone for the currency pair if shows positive rally then find resistance around it.

GBPINR opened with positive bias showed bullish movements closed around its resistance.

If able to sustain above its resistance of 93.0000 currency pair shows bullish movements towards next resistance zone of 93.2000.

JPYINR after breakout showed bullish movements closed with positive bias.

On lower levels 66.0000 is act as support zone for the currency pair sustaining above this mark it may find resistance near 66.7000.

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