Indian rupee on Thursday fell as the dollar surged to a two-month high and US Treasury yields climbed following comments from Fed chief Jerome Powell, which were more hawkish than expected. It opened at a five-week low 69.20/$, in early deals, down from its previous close of 68.80. After delivering a 25 basis point interest rate cut, Powell said the rate cut–a first since the financial crisis of 2008–was to “insure against downside risks” but did not signal the start of a lengthy easing cycle, drawing a sharp rebuke from President Donald Trump.
- Dollar at 2-Year Highs after Fed; Sterling Eyed Before BoE.
- Asian currencies seen under pressure; yuan bearish bets pile.
- UK Manufacturing PMI remains stuck at six-and-a-half year low in July.
- Germany Manufacturing PMI at seven-year low as downturn gathers pace.
- EZ manufacturing sector contracts at fastest rate since end of 2012.
USDINR after positive opening showed sideways movements closed with gain.
Now, 69.0000 is act as support zone for the currency pair if shows negative movements then it may find support around it.
EURINR opened with negative bias showed sideways to bearish movements closed with loss.
Currency pair continues its bearish movements if able to sustain below its immediate support and find next support around 76.2000.
GBPINR showed sideways to bearish movements closed with partial loss.
If able to sustain on lower levels then currency pair find support near 83.7000 mark below which it may shows more bearish movements.
JPYINR found support and showed correction closed with partial gain.
On higher levels 63.9000 is seen as strong resistance zone for the currency pair sustaining below this mark it may continue bearish movements.
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