Home / TIPS / Mtechtips MCX-SX USDINR INTRADAY trading analysis 29-09-2015

Mtechtips MCX-SX USDINR INTRADAY trading analysis 29-09-2015

Mtechtips MCX-SX USDINR INTRADAY trading analysis 29-09-2015

Mtechtips USD/INR posts its biggest gain in over 2-wk on likely FII outflows

Dollar/rupee posted its biggest single day gain at open in over 2-week Tuesday in anticipation of heavy overseas funds outflows from local shares tracking the sell-off in Asian stocks following weak Chinese data that triggered fears of a global slowdown.Asian equities fell sharply after China posted weak industrial earnings data that raised concerns about the health of the global economy.The SGX Nifty lost 120 points or 1.56% to trade at 7,713.00.Chinese industrial companies’ profits fell at their fastest rate in four years, official data showed on Monday, sparking fresh fears about the strength of the country’s economy ahead of the final reading of China’s Caixin Purchasing Managers’ Index on Thursday.Adding to the uncertainty were the mixed comments from number of key officials of the Federal Reserve.On the domestic front, investors will be closely watching the Reserve Bank of India’s fourth Bi-Monthly Monetary Policy Review statement due for release by 11AM later today.The central bank is expected to cut interest rates in today’s policy meeting by 25 basis points to encourage investments and growth in the country.Technically, 66.85 will act as an immediate resistance and a break above only will expect to est 67.15 and above else pull down may take place around 66.75-66.80 levels.

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