Market Outlook

The Indian rupee weakened against the US dollar on Wednesday in early session, tracking subdued domestic equities and other Asian currencies. It recovered from the low and trading flat at 71.01 per dollar. Most Asian currencies declined after tension between US and China escalated ahead of Chinese vice Premier Liu. He is leading a delegation for two days of talks in Washington beginning Thursday. The White House has slapped visa restrictions on Chinese officials, citing the mistreatment of Uighur Muslims in China.

Fundamental News

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  • Aussie gains despite weak confidence data.

USDINR showed correction from higher levels closed with flat note.

71.0000 is seen as immediate support zone for the currency pair sustaining below this mark it may shows more correction towards 70.7000.

EURINR showed volatile session found resistance and closed with partial loss.

Currency pair trades in strong range of 78.0000-78.5000 breakout in any direction and closing may decide further trend for it.

GBPINR opened with negative bias after correction unable to sustain and closed with loss.

Sustaining below 87.0000 mark in upcoming session currency pair may shows more negative movements and find support around 86.5000.

JPYINR showed bearish movements throughout the session closed with negative bias.

If able to continue negative movements then 66.0000 is seen as strong support zone for the currency pair below which it is more bearish.

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