The rupee opened on a cautious note and fell 6 paise to 70.88 against the US dollar in early trade on Wednesday tracking subdued opening in domestic equities. However, weakening of the US dollar vis-a-vis other currencies overseas and easing crude oil prices supported the domestic unit and restricted the fall. The dollar held its ground against other major currencies on Wednesday, supported by rising hopes for a U.S.-China trade deal and an improving outlook for the U.S. economy.
- German Factory Orders rise 1.3% MoM in Sept vs. +0.1% expected, EUR/USD little changed.
- Japan GDP growth seen slowing in Q3, but domestic demand still sold.
- US: Stronger ISM non-manufacturing data.
- Thailand: Bank of Thailand likely to ease rates by 25bps.
USDINR opened with partial gain showed bullish movements closed with positive bias. Sustaining above 71.0000 mark in upcoming session currency pair continue positive rally and find resistance around 71.5000.
EURINR after negative opening showed correction closed with partial gain. 79.0000 is still act as resistance zone for the currency pair sustaining below this mark it may continue bearish movements towards 78.5000.
GBPINR found support and showed bullish movements closed with positive note. If able to continue positive movements then 92.0000 is act as strong resistance for the currency pair above which 92.2000 is next resistance for it.
JPYINR unable to sustain on lower levels after negative opening closed with gain. Currency pair continue its bearish movements if able to sustain below resistance of 65.5000 and find support near 65.0000 mark.
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