Market analysis：After being postponed to this week, the Indian Rupee and Nifty 50 are awaiting today’s Reserve Bank of India (RBI) monetary policy announcement at 6:15 GMT. The central bank is anticipated to maintain benchmark lending rates unchanged following recent upward pressures on inflation. The RBI will also offer updated estimates for growth in the new fiscal year. For a further analysis of the interest rate decision, check out my outline here. What are the technical circumstances USD/INR and the Nifty are facing? The Indian Rupee has been struggling to find further progress against the US Dollar after USD/INR fell under short-term rising support from late August. This has shifted the setting into a consolidative state where the pair is ranging between 72.76 and 74.04. A breakout to the downside would open the door to downtrend resumption towards the 72.14 – 72.40 inflection zone. For upside scenarios, keep a close eye on the medium-term 50-day Simple Moving Average.
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.