New Delhi, India
September 12, 2023
As traders gear up for another day of market activity on this Tuesday, September 12, 2023, all eyes are on several major key events that are poised to influence currency trading in the Indian market.
USD/INR: Indian Rupee’s Recent Trends
Yesterday Indian Rupee (INR) has shown signs of depreciation, continuing its recent trend, it closed nearly flat with a marginal loss of 0.02% from the previous close of 83.0725. It has garnered attention as the currency markets shift their focus towards this week’s critical US CPI data. Traders are advised to keep an eye on support levels at 83.00 and 82.80, with anticipated resistance at 83.30 and the possibility of further movement to 83.50 today.
GBP/INR: UK Labor Market Data and INR Resilience
The GBP/INR pair is on traders’ radars as they are gearing up for the release of the UK labor market report by the Office for National Statistics at 06:00 GMT on September 12. Projections suggest the Unemployment Rate in the United Kingdom is expected to rise to 4.3% in the quarter to July. This critical data, including UK jobs and wage inflation figures, could significantly impact the Bank of England’s (BoE) interest rate outlook, making it a pivotal factor for the GBP/USD exchange rate in the near term. Yesterday’s market session saw GBP/INR opening at 103.70, reaching a daily high of 104.1125 and briefly touching its peak. Support levels for today can be at 103.50 and 103.20, while resistance levels could stand at 104.00 and 104.30.
EUR/INR: ECB Policy Decision and Euro Strength
Traders are eagerly awaiting Thursday’s European Central Bank (ECB) policy decision. Today’s Support levels can be at 89.00 and 88.80, while resistance levels are anticipated to be at 89.30 and 89.50.
JPY/INR: Japanese Yen’s Strong Performance
Japan’s Finance Minister Shunichi Suzuki’s statement, emphasizing the Bank of Japan’s autonomy in deciding monetary policy, suggests that the BoJ will have the flexibility to shape its policies independently. This may lead to potential interest rate decisions and economic strategies that could influence the strength of the Japanese Yen (JPY) against the Indian Rupee (INR).
Support levels are anticipated to be at 56.50 and 56.20, while resistance levels can stand at 57.00 and 57.30 for this pair!
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