The Indian rupee opened on strong note at 70.9825 and traded in the range of 71.0775 and 70.8800 against the US dollar, weighed by unabated foreign fund outflows and a weak trend in domestic equity markets. On macro front, India’s dominant services industry contracted in September, with the index measuring activity in the sector dropping sharply to 48.7 in September, its lowest reading since February 2018. Business confidence sank to its lowest in 31 months, according to an IHS Markit survey of private sector companies.
- Russia: CBR to cut its Key Rate by 50bps.
- German IFO Business Climate Index steady at 94.6 in October.
- Pound falls on election uncertainty; markets generally steady amid relatively thin economic docket.
- China to ask US to remove tariffs in exchange for agricultural buys in talks Friday.
USDINR showed bearish movements throughout the session closed around its support.
Currency pair continue bearish movements if able to sustain below its immediate support and find next support around 70.5000.
EURINR opened with negative bias showed sideways movements closed with loss.
If able to sustain on lower levels then 78.3000 is seen as strong support zone for the currency pair below which it is more bearish.
GBPINR after negative opening showed bearish movements closed with negative bias.
Now, sustaining below 91.0000 mark currency pair shows more negative movements and find strong support near 90.5000.
JPYINR showed sideways to bearish movements closed with partial loss.
Psychological level of 65.0000 is act as strong support zone for the currency pair below which it may drag towards 64.8000.
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