The Indian rupee pared all the initial losses and traded moderately lower against the US dollar ahead of FOMC rate decision due later in the day. The most awaited FOMC rate decision, most of the currency pair undertone remained little shaky as currency traders preferred to stay on the side-lines and avoided taking any long positions. Fresh unwinding by foreign portfolio investors (FPIs) also weighed on the rupee sentiment. However, a breath taking record rally in local equities along with subdued dollar overseas trend largely cushioned the fall. On the global front, the dollar slumped to over one-year low against a basket of currencies on Tuesday as investors grew more wary on the short-term outlook although they held off placing more bearish bets ahead of the Federal Reserve meeting starting today. The 10-year bond yield closed at 6.414%, compared to its previous close of 6.436%
USDINR
Support at 64.30 and Resistance at 64.60
Trading in range either side breakout will decide further.
GBPINR
Support at 83.70 and Resistance at 84.10
Break and sustain above 84.10 will take it to 84.30—84.50++ mark else could touch its support level of 83.70
Fresh selling can be initiated below 83.70
EURINR
Support at 74.80 and Resistance at 75.15
Above 75.15 rally remain continue till 75.40—75.70++ mark.
Support intact at 74.80
JPYINR
Below 57.80 panic remain continue till 57.50—57.30.
Fresh buying can be initiated above 58.20. So maintain stop loss.
More will update soon!!
