New Delhi, India
September 15, 2023
The USD/INR pair closed yesterday at 83.05, with a minor increase of 0.0300 (0.04%). Support levels to watch for today shall be at 83.00 and 82.80, while potential resistance can stand at 83.30, with further movement towards 83.50 anticipated. It’s important to note that the Rupee has displayed resilience, despite global challenges.
GBP/INR showed slight movement, closing at 103.61, reflecting a minimal change of 0.0400 (0.04%). The Pound Sterling maintains a positive outlook, influenced by a softer US Dollar and potential Bank of England interest rate hikes. Key support levels are at 103.50 and 103.20, with anticipated resistance at 104.00 and 104.30 for today.
The ECB has chosen to increase rates by 25 basis points, marking the 10th consecutive hike, bringing the main rate to 4%. Economists held differing opinions ahead of the announcement, with some expecting rate stability and others forecasting further increases. This decision will likely have implications for the Euro and its exchange rates.
Support levels are around 89.00 and 88.80, while resistance is anticipated at 89.30 and 89.50. The ECB’s recent 25 basis point rate hike, the 10th consecutive, reflects a commitment to managing inflation.
JPY/INR maintained its position at 56.50, unchanged from the previous close during last session . Support levels for today are approximately 56.50 and 56.20, while resistance levels may stand at 57.00 and 57.30. A rise in US bond yields and oil prices also impacts the JPY, potentially influencing JPYINR.
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