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USD/INR

Both the Dollar index and the USDCNH pair moving lower put a lot of pressure on the USDINR pair. The USDINR pair followed cues from the USDCNH, and opened on a negative note, and then continued to move lower below the 83.00 mark. On the daily chart we can see that the USDINR pair broke below the lower edge of the previous 3 session consolidation. The RSI plotted on the daily chart has formed a bearish hinge near the overbought zone, indicating, increasing bearish momentum in the pair. In the sessions to come, we can expect the pair to face rejection near the 83.20. On the downside the immediate support is placed near the 82.70.

EUR/INR

The Dollar index rallying higher, has helped the EURUSD pair appreciate. The EURINR in the first half of the session the pair followed the EURUSD pair and inched higher, but sharp selling in the USDINR pair pushed it lower towards the 90.40 mark as we moved towards the end of the session. On the daily chart we can see the pair faced rejection near the 20 day moving average and moved lower. The RSI plotted on the daily chart, can be seen moving lower towards the oversold zone, indicating increasing bearish momentum in the pair. Going by the price action, the pair is expected to face resistance near the 90.80- 91.00 level. On the downside the immediate support is placed near the 90.20-90.00 mark

JPY/INR

USDJPY pair has been facing rejection near the 146.50 mark, this helped the JPYINR pair find support near the 56.80 zone. The JPYINR pair opened on a negative note but attempted to move higher during the day. On the daily chart the JPYINR pair formed a small bodied candle, with both upper and lower wicks, indicating indecisiveness in the pair The RSI plotted on the daily chart, can be seen moving lower towards the oversold zone, indicating presence of bearish momentum in the pair. In the sessions to come we might see the pair find resistance near the 57.30-57.50 zone. On the downside the 56.80 followed by 56.50 is expected to act as a support.

GBP/INR

The GBPINR pair attempted to move above the 106.30. but the sharp selling in the USDINR pair pushed it lower towards the 105.50 towards the end of the session. On the daily chart the GBPINR pair formed a red candle with long upper wick, indicating selling pressure near the 106.30 zone. The RSI plotted on the daily chart can be seen flattening near the 50 mark, indicating lack of momentum in the pair. The price action suggests that the 105.50- 105.70 zone could act as a support in the sessions to come. On the upside we need to keep a close watch on the 106.20-106.50 mark, as a resistance.

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