Market Outlook

The Indian rupee opened on a cautious note at 70.9975 against the US dollar in early trade on Wednesday amid rising demand for the US dollar vis-a-vis other currencies overseas and unabated foreign fund outflows. Moreover, trading in emerging market currencies was subdued after the British Prime Minister Boris Johnson lost the crucial Brexit Bill timetable vote. Traders were also awaiting fresh cues on the potential US-China trade deal. US President Donald Trump on Monday had said that the ‘phase 1’ China trade pact on track for November.

Fundamental News

  • Asian stocks: Trade/Brexit headlines weigh on market sentiment.
  • Brexit limbo weighs on all markets, oil pushed and pulled, Bitcoin battered again.
  • NZ: Trade deficit narrowed for September.
  • WTI ignores upbeat API data amid growing concerns on demand-supply matrix.

USDINR showed sideways to bearish movements closed with partial loss.

Now, 71.0000 is act as immediate resistance zone for the currency pair sustaining below this mark it may drag towards 70.5000.

EURINR opened with negative bias showed sideways movements closed with negative note.

Currency pair continue its bearish movements if break support of 78.8000 and find next support around 78.4000 mark.

GBPINR after bearish opening showed sideways movements closed with negative bias.

91.0000 is seen as strong support zone for the currency pair sustaining below this mark it may shows more bearish movements towards 90.7000.

JPYINR after positive opening unable to sustain on higher levels closed with partial gain.

If able to sustain on lower levels then currency pair find support near 65.2000 below which psychological level of 65.0000 is act as strong support for it.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *