Market Outlook

The rupee opened on a strong note at 69.2025 against the US dollar in early trade on Monday tracking gains in domestic equities, even as crude oil prices firmed up. Moreover, the rupee appreciated on reports that Chinese President Xi Jinping and his American counterpart Donald Trump at the G20 summit have agreed to re-launch the stalled negotiations to end the trade war. The dollar rose to one-week highs against a currency basket as a trade truce between the U.S. and China dampened demand for safe haven currencies, such as the yen and the Swiss franc.

Fundamental News

  • Asian stocks show mixed reaction to US-China trade truce.
  • Manufacturing downturn deepens as UK PMI falls to lowest level since February 2013.
  • German jobless claims barely fell in June.
  • Eurozone unemployment rate drops to the lowest since July 2008, EUR keeps losses.

USDINR showed correction after negative opening closed with loss.

Now, 69.0000 is seen as immediate support zone for the currency pair sustaining below this mark it may find support around 68.8000.

EURINR opened with negative bias found support closed around its resistance.

If able to sustain on higher levels than 79.0000 is act as resistance for it above this mark it may shows bullish movements.

GBPINR unable to sustain on higher levels showed bearish movements closed with negative bias.

Currency pair continues bearish movements if sustain below support zone of 87.5000 and find next support around 87.2000.

JPYINR after negative opening showed correction closed with negative note.

64.0000 is act as crucial zone for the currency pair sustaining below this mark it may find support near 63.5000, on higher levels 64.5000 is strong resistance for it.

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