The Indian Rupee plunged to a fresh low of 74.0300 against the US dollar s the dollar reached a 11-month high against the yen and stood tall against major Asia pea peers on upbeat US data and comments from Federal Reserve Chairman Jerome Powell that were seen as hawkish. Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, also kept the rupee under pressure. Market participants were cautious ahead of the outcome of Reserve Bank of India (RBI)’s three-day Monetary Policy Committee (MPC) meeting tomorrow, 5 October 2018.
- Australia Trade Balance registered at 1604M above expectations 1400M in August.
- Japan Foreign investment in Japan stocks up to ¥835.7B in August 31 from previous ¥-519.8B.
- United States EIA Crude Oil Stocks change registered at 7.975M above expectations 1.985M in September 28.
USDINR open with positive bias showed sideways movements closed below its resistance.
74.0000 is act as strong resistance zone for it, if able to sustain above it in upcoming session then continue bullish rally towards 74.3000.
EURINR after negative opening unable to sustain on lower levels closed with flat note.
Currency pair found resistance around 85.3000 if able to breaks it then find next resistance near 85.5000. On lower levels 84.8000 is support for it.
GBPINR showed positive movements and closed around its resistance level.
Sustaining above psychological level of 96.0000 give strength to particular currency and shows bullish rally towards 96.5000 mark.
JPYINR showed sideways movements throughout the session closed with partial loss.
Now, opening above 65.0000 level take it towards next resistance zone of 65.2000 above which it is more bullish. On downward side 64.2000 is act as strong support.
(Click to submit your details) Just one step to get best trading tips and Recommendation.