Market Outlook

On Friday the rupee closed almost flat at 71.2000 per US dollar amid hardening crude oil prices and lacklustre global cues.At the forex market, the rupee opened at 71.2475 versus the US dollar. It traded in range of 71.3600 and 71.1000 during the day, before finally finishing at 71.2000, up 5 paise from its previous close.

Easing crude oil prices and lower US currency against its key rivals rendered some support to the Indian currency.

Fundamental News

  • Dollar lowers on broad-based long liquidation; sterling hits 5-1/2 month highs ahead of Saturday’s Brexit vote.
  • Australian Dollar opens at 4-week highs against the U.S Dollar.
  • Crude up despite worst Chinese GDP showing in 30 years.
  • China’s downward economic path offers no escape from its trade problems.

USDINR showed sideways to bearish movements closed with partial loss.

71.0000 is act as crucial zone for the currency pair sustaining below this mark it may shows negative movements towards 70.7000.

EURINR found support on lower levels closed around its resistance.

Currency pair continue bullish movements if able to sustain above its immediate resistance and find next resistance around 79.8000.

GBPINR after negative opening showed sideways to bullish movements closed with partial gain.

If able to continue bullish movements in upcoming session then currency pair find resistance around its sychological level of 92.0000.

 

JPYINR unable to sustain on higher levels closed with flat note.

Now, 65.5000 is seen as immediate support for the currency pair sustaining below this mark 65.0000 is strong support for it. On higher levels 65.8000 is act as resistance.

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