Market Outlook

Against the US dollar, the Indian rupee weakened by 22 paise to open at 71.5525 and throughout the day swing in the range of 71.5525 and 71.2175 on account of fresh selling of the American currency by exporters and banks.
On the other hand, the dollar held at a near three-week high on Tuesday as investors sought the relative safety of the U.S. currency after the International Monetary Fund cut its forecasts for the world economy in 2019 and 2020.

Fundamental News

  • A slowdown in China’s economy to 28-year lows fanned fresh worries over global growth and prompted investors to move into safe-haven currencies.
  • The Aussie dollar is likely to remain under pressure due to the weakening sentiment towards China, its largest trade partner.

USDINR showed sideways to positive movements closed around its day high.
Currency pair continues its bullish movements if able to sustain above resistance zone of 71.7000 and find next resistance around 72.0000.

EURINR after negative opening found support and showed positive movements closed around its resistance.
Now, immediate resistance for the currency pair is seen near 81.3000 opening above this level in upcoming session may take it towards 81.7000.

GBPINR showed positive movements and closed around its resistance zone.
92.5000 is act as strong resistance for the currency pair breakout above this level it may continue bullish movements towards 92.8000 mark.

JPYINR showed sideways to bullish movements closed with positive bias.
If able to sustain above its resistance zone of 65.6000 it may continue positive movements and find next resistance around 65.8000.

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