Market Outlook

Against the US dollar, the Indian rupee opened weak at 71.3875 after the US Federal Reserve cut its benchmark interest rate. In line with market expectation; the Federal Open Market Committee lowered the policy interest rate by 25 basis points to a target range of 1.75 to 2.0 per cent. Investors turned cautious after the US Fed dimmed hopes of further rate cuts. Moreover, weak opening in domestic equities and unabated foreign fund outflows also weighed on the domestic currency.

Fundamental News

  • Asian stocks turn lower amid an eventful post-FOMC session.
  • Dollar surrenders post-Fed gains, Aussie and Bitcoin tumble.
  • UK retail sales drop 0.3% m/m in August vs. 0.0% expected.
  • SNB leaves key rate unchanged at -0.75%, USD/CHF eases-off 3-month tops.

USDINR

USDINR found support on lower levels and closed with partial gain. Currency pair continue its positive movements if able to sustain on higher levels and find strong resistance around 71.8000.

EURINR

EURINR unable to sustain on lower levels closed with positive note. Sustaining above 79.0000 mark currency pair shows bullish movements and find resistance around 79.5000. On lower levels 78.5000 is strong support for it.

GBPINR

GBPINR showed sideways to bullish movements closed with gain.Now, 88.7000 is seen as storng support zone for the currency pair sustaining above this mark it may find resistance near 89.5000.

JPYINR

JPYINR after correction found support on lower levels closed with positive bias. If able to sustain above its immediate resistance of 66.2000 currency pair shows positive movements and find resistance around 66.7000.

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