The Indian rupee opened on weak note at 71.0400 and has recovered from the day’s low after monetary policy committee reduced repo rate on August 7 for the third time in this financial year. Reserve Bank of India (RBI) has reduced the repo rate by 35 basis points to 5.40 percent in its policy meeting on August 7. Moreover, easing of crude oil prices added support to the local unit. Meanwhile, on the global front, investors fretted as a dispute between two of the world’s largest economies intensified over tariffs and currency. Fundamental News
- German Industrial Production plunges 5.2% y/y in June, a big miss (EUR/USD keeps 1.12).
- Kiwi dumped on RBNZ’s surprise 50 bps rate cut; German data on tap.
- New Zealand government bond yields hit record lows.
- RBI cuts rates by 35 bps, a bigger-than-expected cut (USD/INR stays below 71.00).
USDINR after correction found support on lower levels closed around its resistance.
71.2000 is seen as immediate resistance zone for the currency pair breakout above this level it may find next resistance near 71.5000.
EURINR unable to sustain on higher levels showed correction closed with flat note.
Psychological level of 80.0000 is act as strong resistance level for the currency pair only above this mark it may continue bullish rally.
GBPINR opened with partial loss showed bearish movements closed with loss.
Currency pair shows more negative movements in upcoming session if able to break its support zone of 86.0000 below which 85.8000 is next support.
JPYINR showed correction after positive opening found support ang closed with gain.
Sustaining above 67.0000 mark currency pair continue bullish movements and find resistance around 67.5000. On lower levels 66.6000 is strong support.
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