New Delhi, India
September 20, 2023
USDINR
In the currency market, the USDINR pair has faced renewed pressure as the US Dollar Index strengthens, pushing the Indian Rupee to a fresh low of 83.30. This decline is attributed to the robust performance of the US Dollar, coupled with rising import prices and capital outflows from India. The surge in global energy prices has led to increased Rupee outflows for oil and gas imports, contributing to the currency’s depreciation.
Support and Resistance Levels:
– Support: 83.00
– Resistance: 83.50
GBPINR:
GBPINR faced downward pressure due to rising US bond yields and risk-off sentiment in European markets. However, the strengthening USDINR provided support to GBPINR, allowing it to close slightly higher in recent times.
Support and Resistance Levels:
– Support: 103.20
– Resistance:103.80
EURINR:
EURINR, influenced by a strong USDINR, managed to finish last session at a higher level despite a range-bound EUR/USD.
Support and Resistance Levels:
– Support: 88.50
– Resistance: 89.10
JPYINR:
Risk-off sentiment weighed on USDJPY, and despite rising US yields, JPYINR concluded the previous day on a higher note. Support and Resistance Levels to watch for this pair are:
– Support: 56.20
– Resistance: 56.70
As the USDINR pair attempts to break free from an 11-month range, volatility may increase, and traders are advised to remain vigilant. Additionally, market participants are keeping a close eye on central bank interest rate decisions, with the Bank of England and the Bank of Japan scheduled to announce their decisions this week.
Disclaimer:
CurrencyVeda provides information purely for educational purposes and is not a financial advisor or broker. The content should not be taken as financial advice or a recommendation to buy or sell any investment or security. Always conduct your own due diligence and consult with a licensed professional before making investment decisions.
