Market Outlook
Due to strong demand for the US currency, the Rupee tumbles to fresh record low of 71.7725 and throughout the day swing in the range of 71.7725 -71.2825 against the US dollar. It is continue to depriciate against its American counterpart taking cues from emerging market currencies as trade war concerns and Turkey & Argentina currency crisis continued to weigh on market participants sentiments. Against major Asian peers, the dollar rose to one and half week high as persistent concerns over global trade tensions and stresses in emerging markets underpinned safe haven demand for the greenback.

Fundamental News

  • South Africa Gross Domestic Product (QoQ) came in at -0.7%, below expectations 0.6% in 2Q.
  • European Monetary Union Producer Price Index (MoM) came in at 0.4%, above expectations 0.3% in July.
  • United Kingdom PMI Construction registered at 52.9, below expectations 55 in August.

USDINR found support on lower levels continue its bullish rally closed with gain.
Now, 72.0000 is act as psychological resistance level for the currency pair above which it may find next resistance near 72.3000.

EURINR showed sideways movements unable to sustain on lower levels closed with flat note.
Currency finds strong resistance around 83.3000 level in upcoming session if able to break it then continue bullish movements.

GBPINR showed sideways to positive movements closed with positive bias.
Immediate resistance for the currency is seen around 92.1000 above this level it may find resistance near 92.3000. On lower levels 91.7000 is support for it.

JPYINR showed positive movements and closed above its resistance level.
Opening above 64.5000 level in next session may give strength to the currency pair and continue positive rally towards 65.0000 level.

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