Market Outlook

Against the US dollar, the Indian rupee appreicated by 8 paise to open at 69.9775, driven by positive opening in domestic equities and weakening of the greenback in overseas markets. Moreover, selling of the American currency by exporters supported the rupee. However, rising crude oil prices and foreign fund outflows weighed on the domestic currency. On the political front, Narendra Modi will take oath as the Prime Minister of India for the second consecutive term at Rashtrapati Bhavan at 19:00 IST on 30 May 2019.

Fundamental News

  • Dollar Holds Gains as Trade Fears See Investors Seek Safe Havens.
  • China tells U.S. not to politicize currency exchange rates.
  • Australia: Q1 capex weaker than expected but 2019-20 plans upgraded.
  • New Zealand cut its budget surplus forecast for 2019/20 to NZD1.3bn, Kiwi sticks to lows.
  • Australia increases minimum wage by 3%.

USDINR after negative opening found support on lower levels closed with flat note.

Currency pair continues its bullish movement if able to sustain above psychological level of 70.0000 and find resistance around 70.5000.

EURINR opened with negative bias showed correction closed with loss.

78.3000 is seen as immediate resistance for the currency pair sustaining below this mark it may shows more negative movements towards 77.8000.

GBPINR found support on lower levels showed correction closed with partial loss.

Now, 88.4000 is seen as support zone for the currency pair breakout below which it may continue bearish movements and drag towards 80.2000.

JPYINR showed correction after bearish opening and closed with negative bias.

Sustaining below 64.0000 mark in upcoming session currency pair shows bearish movements towards support zone of 63.5000.

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