Market Outlook

On Tuesday, the rupee dropped 20 paise to close at 71.2725 against the US dollar as heavy selling in domestic equities and unabated foreign fund outflows kept investors edgy. The currency opened on a strong note at 70.9800, but during the day it lost ground and fell to a low of 71.3650. It finally settled at 71.2725, lower by 20 paise against its previous close. On the flip side, U.S. dollar inched up on Wednesday in Asia despite worries about a slowing U.S. economy. The report showed the ISM’s manufacturing PMI fell to 47.8, its lowest level in 10 years.

Fundamental News

  • Asian stocks drop on disappointing US data.
  • UK PM strikes secret deal with DUP in ‘Final Brexit Offer.
  • Wall Street ends in a sea of red as global economic slowdown turns heads.
  • US: ISM Manufacturing PMI slumped to 47.8 in September vs. 50.1 expected.

USDINR

USDINR showed positive movements and closed around its resistance. Currency pair continue bearish movements if able to sustain below resistance zone of 71.5000 and find support near 71.0000.

EURINR

EURINR after negative opening showed correction closed with positive bias. 78.0000 is seen as strong resistance zone for the currency pair sustaining above this mark more correction can be seen in it.

GBPINR

GBPINR found support on lower levels showed positive movements and closed with gain. If able to continue bullish rally currency pair find resistance around 88.0000 mark above which it may shows more positive movements.

JPYINR

JPYINR after correction found resistance and closed with flat note. Sustaining below 66.0000 mark in upcoming session currency pair continue bearish movements and find support around 65.5000.

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