Market Outlook

Against the US dollar, the Indian rupee depreciated by 15 paise to open at 69.9825 and throughout the day hovered in the range of 69.9825 and 69.4200 on increased demand for the US currency from importers. Moreover, strength in dollar against major rival currencies on stronger US payroll data and rising crude prices also kept pressure on the Indian rupee. However, a higher opening in domestic equities helped in restricting the slide in the Indian unit to some extent.

Fundamental News

  • China cuts controversial tax on personal items.
  • Euro Steady after Trump’s Sanctions Threat; Brexit Summit Eyed.
  • The pound was a touch higher against the euro and dollar on guarded optimism that the worst-case scenario will be avoided.
  • The Australian and Canadian dollars rose aided by a surge in oil prices to five-month highs.

USDINR

USDINR opened with partial gain unable to sustain on higher levels closed with negative bias. Immediate support for the currency pair is seen around 69.3000 sustaining below this mark it may shows more negative movements towards 69.0000.

EURINR

EURINR found resistance on higher levels showed correction closed with loss. Currency pair continues its bearish movements if sustain below support mark of 78.3000 and find next support around 78.0000 level.

GBPINR

GBPINR after volatile session sustain on lower levels closed with negative note. Now, sustaining below 91.0000 level in upcoming session may drag particular currency pair towards its strong support zone of 90.5000.

JPYINR

JPYINR showed bearish movements and closed below its strong support. On higher levels 62.7000 is seen as strong resistance zone if able to sustain below this mark currency pair continue its negative movements towards 62.0000.

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