The Indian Rupee weakened by 29 paise to open at 73.4400 and made a record low of 73.6550 against the US dollar as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the RBI to quickly intervene to slow its fall. Market participants were also cautious ahead of the three-day Reserve Bank of India (RBI) policy review scheduled to begin Wednesday.
On the flip side, the dollar and yen fell on Wednesday on reports that the Italy government is aiming to cut its budget deficit to 2% of GDP in 2021, while Euro rebounded, snapping five days of losses.
- European Monetary Union Retail Sales (MoM) came in at -0.2%, below expectations 0.2% in August.
- United Kingdom Markit Services PMI below forecasts 54 in September: Actual 53.9.
- Japan Markit Services PMI registered at 50.7, below expectations 51.8 in September.
USDINR after correction unable to sustain on lower levels closed with positive bias.
Currency pair continue its bullish rally if able to sustain above its immediate resistance and find next resistance around 74.0000.
EURINR showed correction after positive opening and closed with partial gain.
Now, 85.3000 is seen as vital resistance zone for the currency if open above this level in upcoming session then continue positive movements.
GBPINR found support on lower levels and closed with flat note.
Currency forms inverse head and shoulder pattern on intraday charts which indicates bullish movements and find next resistance around 96.0000.
JPYINR opened with positive bias and closed around its resistance level.
Psychological level of 65.0000 is act as strong resistance zone for the particular currency pair if sustain above it then continue bullish movements.
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