Market Outlook

The rupee opened flat at 69.7825 against the United States (US) dollar in early trade following increased demand for the greenback from importers and banks. Besides, a strong US dollar against major global currencies and rising crude prices influenced the domestic unit. On the flip side, the dollar hit a fresh three-week high against its developed-market peers, after Federal Reserve Chairman Jerome Powell indirectly argued against cutting interest rates in the near term due to the already-high level of corporate debt.

Fundamental News

  • Dollar Hits 3-Week High on Huawei Relief, RBA Rate Talk.
  • China Warns About ‘Unwavering Resolve’ to Fight U.S. ‘Bullying’.
  • OECD lowers 2019 global economic growth forecast to 3.2% from 3.3% in March.
  • Japan auto lobby disappointed by US Pres. Trump’s comment on imported cars.

USDINR showed sideways movements throughout the session closed with flat note.

70.0000 is seen as immediate resistance for the currency pair breakout above this mark it may continue bullish movements towards 70.3000.

EURINR opened with gain showed correction and closed with partial loss.

Currency pair shows positive movements if able to sustain above its immediate resistance of 78.0000 and find next resistance near 78.5000.

GBPINR after negative opening showed bearish movements closed with negative bias.

Now, sustaining below its support zone of 88.5000 currency pair shows more negative movements and finds support around 88.1000.

JPYINR opened with negative bias showed sideways movements closed with loss.

63.0000 is act as strong support zone for the currency pair if able to sustain above this mark it may find resistance around 63.8000.

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