Market Outlook

The Indian rupee opened on flat note at 71.0900 against the US dollar, as a sharp jump in global crude oil prices dampened investor sentiments. Market participants were concerned as the drone attack on Saudi Arabia’s oil facilities has stroked fiscal slippage concerns. On the other side, dollar fell while safe-havens and currencies of oil producing countries rallied on Monday, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions.

Fundamental News

  • Asian stocks trade mixed, Wall Street futures dip after attack on Saudi oil facility.
  • China’s August data dump: Industrial production rises 4.4%, surprises negatively (Aussie lower).
  • Oil prices skyrocket after attack on Saudi installation, Chinese economy slows, Brexit talks continue.

USDINR

USDINR opened with positive bias showed sideways movements closed with gain. On higher levels 72.0000 is seen as strong resistance zone for the currency pair sustaining above this mark it may find resistance around 72.2000.

EURINR

EURINR showed correction after positive opening closed on lower level. Now, if able to sustain on lower levels then 79.0000 is seen as immediate support breakout below this mark next support is around 78.7000.

GBPINR

GBPINR after correction found support and closed around its resistance level. If able to continue bullish movements then it may find resistance around 89.7000. On lower levels 89.0000 is act as strong support for it.

JPYINR

JPYINR showed sideways to bullish movements closed with positive bias. Sustaining above immediate resistance of 66.6000 currency pair shows bullish movements and find next resistance near 67.0000.

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