Market Outlook

The Indian rupee opened on a cautious note at 71.0875 against the United States (US) dollar amid rising demand for the US dollar vis-a-vis other currencies overseas. Moreover, weak opening in domestic equities and unabated foreign fund outflows also weighed on the domestic currency. On the flip side, the U.S. dollar steadied on Wednesday, but remained on the defensive following the launch of an impeachment inquiry into President Donald Trump, which added to downside risks in markets.

Fundamental News

  • Asian stocks drop on President Trump’s impeachment inquiry.
  • Trump in trouble, UK parliament is back, trade uncertainty is weighing.
  • US: Confidence slide hints at a slowdown in spending.
  • Japan, US to each open up $7bln of markets in trade deal.
  • New Zealand Dollar Rises After RBNZ Keeps Rates Unchanged.

USDINR showed sideways movements and closed with flat note.

If able to sustain above resistance of 71.5000 currency pair shows some bullish movements and find next resistance around 71.8000.

EURINR found resistance on higher levels closed with partial gain.

Now, sustaining below its immediate support zone currency pair shows bearish movements and find support around 78.3000.

GBPINR unable to sustain on higher levels closed with negative bias.

Currency pair continue bearish movements towards its support zone of 88.3000 below which it may drag towards 88.0000 mark.

JPYINR after positive opening showed sideways movements closed with gain.

Sustaining below resistance zone of 66.7000 currency pair shows correction towards its support zone of 66.3000. On higher levels 67.0000 is strong resistance.

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