Market Outlook

The rupee opened on a cautious note and fell 3 paise to 68.5725 against the US dollar in early trade on Friday ahead of the release of key macro-economic data. The rupee is trading in a narrow range ahead of the release of retail inflation and factory output data. Besides, the weakening of the greenback vis-a-vis other currencies overseas supported the local unit. However, rising crude oil prices, foreign fund outflows and cautious opening in domestic equities weighed on the domestic currency.

Fundamental News

  • Asian stocks trade mixed ahead of China trade data.
  • India: US to seek rollback of Indian tariffs on some agricultural products.
  • Huawei Chairman again demands US remove it from the US entities list.
  • US will not blacklist Iran’s foreign minister, for now.
  • Wall Street flashes mixed signals as markets respect new easing cycle.

USDINR after positive opening showed positive movements closed with gain.69.0000 is seen as immediate resistance zone for the currency pair sustaining above this mark it may shows positive movements towards 69.3000.

EURINR opened with partial gain showed sideways to bullish movements closed around its resistance.Sustaining below 77.5000 mark in upcoming session currency pair may shows negative movements towards 77.3000.

 

GBPINR opened with negative note found support and closed around its resistance.Now, 86.5000 is seen as strong resistance zone for the currency pair breakout above this mark it may shows positive movements towards 86.8000.

JPYINR after negative opening showed correction closed with positive note.63.6000 is act as crucial zone for the currency pair if sustain below this mark it may continue bearish movements towards support of 63.2000.

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