The Indian Rupee depricated by 11 paise to open at 70.5000 and collapsed to a lifetime low of 70.8950 against the US dollar on account of consistent dollar demand from importers and banks, mainly oil refiners and foreign fund outflows following higher crude oil prices. All this factors kept the rupee under pressure. Overseas the US dollar inched higher against major Asian peers as relief over the US-Mexico trade deal was dimmed by concerns that the China-US trade war will drag on for some time.Market participants were cautious ahead of a looming deadline on tariffs with China.
• France Gross Domestic Product (QoQ) meets expectations 0.2% in 2Q.
• Japan Consumer Confidence Index below forecasts 43.4 in August: Actual 43.3.
• Turkey Trade Balance dipped from previous -5.5B to -5.98B in July.
•United Kingdom BRC Shop Price Index (YoY) up to 0.1% in August from previous -0.3%.
USDINR showed positive movements throughout the session closed with gain.
Now, psychological level of 71.0000 is act as strong resistance for the currency pair sustaining above which may give more bullish movements.
EURINR showed sideways to positive movements sustain on higher levels closed with gain.
Currency pair found resistance on higher levels if trades below 82.5000 then it may give correction towards 82.0000 mark.
GBPINR gave positive movements broke its resistance and closed above it.
If sustain above its resistance level of 91.5000 in upcoming session then it may give bullish movements and find resistance near 91.8000.
JPYINR showed bullish movements after flat opening closed with positive bias.
64.0000 is immediate resistance zone for the currency, if sustain above it then continue positive rally towards 64.2000 level.
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