USD Weakens and JPY Retreats : BoJ Meeting Looms

Continued Loose Policy by Bank of Japan

New Delhi, India

September 18, 2023


USDINR closed at 83.18 on Friday, showing some strength. Support levels at 82.80 and 83.00 remain relevant, with resistance at 83.30 and 83.50. The recent weakening of the US Dollar may influence its performance.



GBPINR closed at 103.27. Key levels to watch today are support at 103.10 and the range of 82.80-83.10. US PPI numbers and retail sales data has potentially impact the pair as investors assess future rate paths.



EURINR closed at 88.71 during last session. Keep an eye on support around 88.50 and 88.80, with resistance near 88.80 and 89.10. The European Central Bank’s policy stance and the US Dollar’s performance may play crucial roles.



JPYINR ended at 56.40 during last session. Support levels at 56.20 and 56.35 should be monitored, while resistance could be encountered around 56.60 and 56.80. The BoJ’s policy meeting and the USD’s movements might affect this pair.

The US Consumer Sentiment Index and comments from BoJ Governor Kazuo Ueda have influenced these currencies. BoJ is expected to maintain its ultra-loose policy. Consumer sentiment in the US dipped due to high inflation, but future inflation expectations saw a slight decrease. Keep an eye on these factors for potential currency market impacts.


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