Mounting tension between India and Pakistan sent the rupee on a tailspin on Thursday, after India claimed the Army conducted some surgical strikes on terror launch pads across the Line of Control (LoC) and inflicted significant casualties and heavy damages on Pakistan side.
The dollar rose 1% against the safe-haven yen on Thursday to hit an eight-day high as investors moved into riskier assets following an OPEC deal to cut oil output. OPEC said it would reduce output to a range of 32.5 million-33.0 million barrels per day, a reduction of 0.7-2.2 percent, and the first such deal since 2008.
- Dollar surges vs yen as OPEC deal spurs risk rally.
- Japan’s Retail Sales Decline for First Time in Three Months.
- Kuroda says new framework has enhanced sustainability of BOJ policies.
- European Monetary Union Industrial Confidence came in at -1.7, above forecasts (-4.1) in September.
USDINR surged higher on back of Rupee depreciation due to news regarding surgical strikes by Indian Army.
On daily charts, it breached the 100 day EMA of 67.1500 and strong closing indicates the movement towards the next resistance of 67.2700 while 67.0000 is seen as good support.
EURINR continued the up move throughout the session and crossed the crucial resistance mark on daily chart.
It strongly hiked above 75.2025 which was acting as resistance since several sessions and now 75.6300 is seen as next resistance whereas 75.2000 may now act as support.
GBPINR continued the pull back which it showed in the last session from support levels.
It closed near to the important resistance of 87.7000 surpassing which can be act as a positive breakout for the counter while 87.0000 is seen as strong support.
JPYINR traded on extremely weak note in the start of the session but gained thereon in the later half to close flat.
Constant support around lower sides suggests that strong buying momentum can be seen in the coming few sessions as 65.7000 may act as key support.
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