Market Outlook

The rupee opened on a cautious note and fell 3 paise to 69.0825 against the US dollar in early trade on Friday amid rising crude oil prices and foreign fund outflows. Moreover, rising Brent crude prices, cautious opening in domestic equities and foreign fund inflows weighed on the local unit, while weakening of the greenback vis-a-vis other currencies overseas added support to the local unit and restricted the downfall. On the global front, the European Central Bank (ECB) in its policy decision on Thursday left key interest rates unchanged.

Fundamental News

  • Wall Street opens in red dragged by technology shares.
  • GBP/USD: Bears back in charge amid renewed Brexit jitters, ahead of US GDP.
  • AUD/USD hits two-week lows as Australian bond yields slide.
  • US firms keen to participate in China’s import expo despite trade spat.
  • ECB policymakers see deposit rate cut in September as almost certain.

USDINR after positive opening unable to sustain on higher levels closed with loss. Currency pair continue its bearish movements if able to sustain below its immediate support level and find next support around 68.5000.

EURINR opened with positive bias showed bearish movements closed around its support. Now, 76.5000 is seen as strong support zone for the currency pair breakout below this mark it may shows more negative movements.

GBPINR after negative opening showed bearish movements closed with negative bias. If able to continue bearish movements in upcoming session then currency pair find support around 85.4000 below which 85.1000 is act as next support.

JPYINR showed bearish movements after negative opening closed with loss. Sustaining on lower levels currency pair find strong support around 63.0000 mark below which it is more bearish. On higher levels 63.8000 is immediate resistance.

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