Daily FX Trends - Commentaries

USD/INR EURO/USD GBP/USD USD/JPY USD/CHF
Macro Support-Resistance Levels 94.75-96.50 1.1250-1.2100 1.2800-1.3900 151.50.-160.00 0.7400-0.8300
Sentiment against USD Positive Neutral Neutral Neutral Neutral
Forecast for the day 95.65-96.20 1.1500-1.1585 1.3450-1.3525 154.90-155.75 0.8165-0.8200

The rupee opened marginally stronger at 95.89 against yesterday's close of 95.97. Market participants remain focused on the Fed’s policy decision due tonight. Fed funds futures are pricing in a 92 probability of a 25-bps rate hike. On other hand crude prices continue to trade higher, with Brent crude trading at 107.90/bbl. Meanwhile, domestic equity market benchmarks are trading around 0.5 higher in early trade, reflecting a positive risk sentiment ahead of the Fed announcement.


Data released yesterday showed India’s goods trade deficit narrowed to $26.86 billion in August, its lowest level in five months, from around $32 billion in July, helped by a sharp decline in gold imports.

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