Against the US dollar, the Indian Rupee appreciated by 15 paise to open at 72.1425 as gains in the domestic equity market enthused investors. Market participants, however, said sustained foreign fund outflows and rising crude prices weighed on local the currency. Meanwhile, on the global front, US President Donald Trump on Wednesday said that China has taken advantage of the US and the World Trade Organisation.
- Asian stocks rise on renewed trade optimism and easing fears of hard Brexit.
- Australian trade balance: AUD 7.268bn vs the expected AUD7.4 bn surplus (AUD slightly higher).
- Indonesian Consumer Confidence dips to 123.1 in Aug, Rupiah off highs.
US-German two-year yield spread hits lowest since October 2017.USDINR
USDINR opened with negative bias showed sideways movements closed with loss. Sustaining below 72.0000 mark in upcoming session currency pair shows more bearish movements towards support zone of 71.5000.
EURINR after negative opening showed correction closed with partial loss. If able to sustain below its immediate support of 79.5000 currency pair give negative breakout and find next support around 79.3000.
GBPINR after correction found support and showed bullish movements closed with gain. On higher levels 89.0000 is seen as immediate resistance for the currency pair sustaining above this mark it may find next resistance near 89.3000.
JPYINR showed bearish movements after negative opening closed around its support. Currency pair continue bearish movements if able to sustain below its support of 67.4000 and drag towards next support of 67.0000.
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