Market Outlook

The rupee on Friday declined by 13 paise to open at 69.3750 against the US currency, due to strong dollar demand from banks and importers amid unabated foreign fund outflows. Market sentiment took a hit after the US announced additional 10 per cent tariff on USD 300 billion in Chinese goods. Moreover, strengthening of the greenback vis-a-vis other currencies overseas, weak opening in domestic equities and foreign fund outflows also weighed on the local unit.

Fundamental News

  • Asian stocks in a sea of red due to trade tensions.
  • UK construction PMI rebounds to 45.3 in July vs. 46.0 expected, GBP/USD moves little.
  • China’s Wang: US President Trump’s latest tariffs won’t resolve trade war.
  • South Korea’s Moon pledges action against Japan’s ‘unfair’ trade step.

USDINR showed bullish movements and closed with positive note.

On higher levels psychological level of 70.0000 is seen as strong resistance zone for the currency pair above this mark it may shows more bullish movements.

EURINR after positive opening showed positive movements closed with gain.

77.7000 is seen as immediate resistance for the currency breakout above this mark it may continue bullish rally towards 77.9000.

GBPINR opened with partial gain showed bullish movements closed around its resistance.

Now, 85.0000 is act as strong resistance for the currency pair sustaining above this mark it may find next resistance near 85.3000.

JPYINR showed bullish movements after gap up opening closed with positive bias.

Currency pair continue its bullish rally if able to sustain above its support zone of 65.0000 and find resistance around 65.6000.

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