WEDNESDAY FX OUTLOOKS:- RUPEE RETREAT, DOLLAR ADVANCE!!

USDINR

USDINR trading near all time higher level (83.29/83.30), pair likely to commenced between 83.00 – 83.10 levels on Wednesday as dollar rose to a near six-month high as jitters over global growth, particularly in China, caused investors to flock to the safe-haven U.S. currency.

USDINR TECHNICAL

Day Trend: - BUY ON DIP

Weekly Trend: - HOLD

INTRADAY RANGE – 83.48 (83.21 – 82.94) 82.67

THE OIL

Oil prices raised a dollar a barrel to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, worrying investors about potential shortages during peak winter demand.

THE CHINA

China's services activity expanded at the slowest pace in eight months in August, a private-sector survey showed, as weak demand continued to dog the world's second-largest economy and stimulus failed to meaningfully revive consumption.

THE EUROPE

The decline in euro zone business activity accelerated faster than initially thought last month as the bloc's dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession.

THE UK

A deteriorating global growth picture sent the pound to a 12-week low against the dollar after a survey showed business activity in Britain contracted last month.