Market Outlook

The Indian rupee opened 8 paise higher at 71.10 per dollar on October 11 and rose to a one-week high at 70.91 as the greenback weakened against its global peers. Also undermining the dollar, data showed on Thursday US consumer prices were unchanged in September and underlying inflation retreated, supporting expectations the Federal Reserve will cut interest rates in October.

Fundamental News

  • GBP now up more than 3% vs. USD – Biggest two-day rally in more than three years.
  • EU Commission: Meeting between Barnier and Barclay was constructive; Cable renews 3-week tops.
  • US: Modest drop in Consumer Sentiment likely in October.
  • Canada: Economy likely to add 5k jobs in September.

USDINR opened with negative bias showed correction closed with loss.

On higher levels 71.3000 is seen as strong resistance zone for the currency pair sustaining below this mark it may drag towards support of 70.7000.

 

EURINR after negative opening found support on lower levels closed with positive note.

Now, immediate resistance for the currency pair is seen around 79.0000, breakout above this mark it may find resistance near 79.2000.

GBPINR showed bullish movements after positive opening closed with gain.

Psychological level of 90.0000 is seen as crucial zone for the currency pair sustaining above this mark it may continue bullish movements.

 

JPYINR after correction found resistance and closed around its support level.

If able to continue bearish movements in upcoming session currency pair find support around 65.5000 below which it may drag towards 65.2000.

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