The rupee opened on a weak note at 71.1550 against the US dollar in opening trade on Thursday after reports that the US-China trade deal signing could be delayed to December weighed on investor community. Moreover, the decline in the domestic unit was largely in tandem with other Asian currencies after reports of delay in US-China trade deal. However, sustained foreign fund inflows, positive opening in domestic equities and easing crude oil prices supported the local unit.
- German Industrial Production drops 0.6% MoM in Sept, misses estimates (EUR/USD unmoved).
- US collected a record $7bn in tariffs in September.
- BOE to leave the policy rate unchanged at 0.75%.
- WTI ignores supply/geopolitical risk amid sluggish trade sentiment, high inventory build.
USDINR after positive opening found resistance and closed around its support. Currency pair shows more correction if able to sustain below 71.0000 mark and find support around 70.7000. On higher levels 71.3000 is strong resistance for it.
EURINR opened with negative bias showed sideways movements closed with loss. Sustaining below its strong resistance of 79.0000 currency pair shows bearish movements and drag towards support of 78.5000.
GBPINR showed sideways to bearish movements closed with negative note. Now, 91.2000 is seen as immediate support for the currency pair breakout below this mark it may shows bearish movements towards 91.0000.
JPYINR opened with positive bias unable to sustain on higher levels closed with loss. Psychological level of 65.0000 is seen as immediate support zone for the currency pair sustaining below this mark it may shows more bearish movements.
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