Market Outlook

Indian Rupee depreciated by 24 paise to 69.46 against the US dollar in early trade on Monday on increased demand for the US currency from importers and weak opening in domestic equities. US President Donald Trump on Sunday threatened to raise tariffs on USD 200 billion worth of Chinese goods and this in turn impacted investor sentiment in the currency market. Besides, strength in dollar against major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept pressure on the Indian rupee.

Fundamental News

  • Subdued growth of euro area continues in April.
  • French service sector business activity shows slight recovery during April.
  • German service sector starts second quarter strongly as activity growth hits seven-month high.
  • Spanish service sector growth falls to seven-month low in April

USDINR showed sideways to positive movements and closed with partial gain.

If able to sustain on higher levels then psychological level of 70.0000 is act as strong resistance zone for the currency pair. On downward side 69.3000 is support for it.

EURINR after correction found support on lower levels closed around its resistance.

Currency pair continues its bullish movements if give breakout from immediate resistance of 78.1600 and find next resistance around 78.5000.

GBPINR opened with positive bias showed sideways movements closed around its resistance.

On higher levels 91.5000 is seen as strong resistance for the currency pair sustaining above this mark it may continue bullish movements.

JPYINR after positive opening showed correction closed with gain.

Sustaining above 63.0000 mark in upcoming session give strength to particular currency pair and find next resistance near 63.5000.

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