Market Outlook

The Indian rupee opened at 71.0900 and throughout the day traded in the range of 71.3475 and 70.9200 against the US dollar, after the Reserve Bank of India cut its repo rate by 0.25 per cent on Friday. The Reserve Bank on Friday cut its benchmark lending rate by 0.25 per cent to revive growth that has hit six-year low of 5 per cent, and affirmed commitment to remain accommodative to address growth concerns ‘as long as necessary.

Fundamental News

  • RBI cuts the key Repo rate by 25 bps to 5.15%.
  • UK government lose bid to delay Scottish court case on Brexit extension.
  • Canada: Trade deficit likely to deteriorate to $1.50bn in August.
  • US: Nonfarm payrolls to increase by 150k in September.
  • Indonesian Consumer Confidence dips to 121.8 in Sept, Rupiah at weekly highs.

USDINR

USDINR showed sideways to bullish movements closed with flat note. 71.0000 is seen as crucial zone for the currency pair sustaining below this mark it may drag towards support of 70.5000.

EURINR

EURINR unable to sustain on lower levels and closed with positive note. If able to sustain below its resistance zone of 78.5000 it may shows bearish movements and find support around 77.7000 mark.

GBPINR

GBPINR showed sideways movements closed around its resistance. 88.0000 is act as strong resistance zone for the currency pair breakout above this mark it may continue bullish movements towards 88.3000.

JPYINR

JPYINR found support and showed sideways to bullish movements closed with gain. Now, 67.0000 is seen as resistance for the currency pair if continue bullish rally then find resistance near it, above which 67.2000 is next resistance.

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