Market Outlook

The Indian rupee slipped in the early trade on Wednesday. It opened lower by 13 paise at 71.9725 per dollar versus Monday’s close 71.8425, as rising crude oil prices kept investors edgy. Rising crude oil prices and foreign fund outflows weighed on the domestic currency. On the flip side, dollar remanined unchanged against a basket of other currencies. While not a directional driver, data from the Labor Department showed overnight that job openings slipped by 31,000 to a seasonally adjusted 7.2 million in July.

Fundamental News

  • Asian stocks trade mixed ahead of the ECB’s rate decision.
  • AUD bullish: Dalian iron-ore gains 2% on falling shipments, China stimulus hopes.
  • Huawei Official: US need Huawei more than Huawei needs US.
  • S. Korea to file WTO complaint over Japan’s export curbs on Wednesday.

USDINR unable to sustain on higher levels showed correction closed around its support.

Currency pair unable to sustain above 72.0000 mark if able to trades below this mark then it may drag towards support zone of 71.3000.

EURINR after positive opening showed bearish movements closed with negative bias.

79.0000 is seen as immediate support for the currency pair if able to break it in upcoming session then 78.5000 is act as next support.

GBPINR showed sideways to bearish movement and closed with partial loss.

On higher levels 89.0000 is act as strong resistance for the currency pair sustain below this mark it may continue bearish movements.

JPYINR after negative opening showed bearish movements closed with negative note.

Sustaining below 67.0000 mark in upcoming session currency pair shows more negative movements and find next support around 66.2000.

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