Market Outlook
In early trade, after pairing initial gains, the Indian Rupee dropped to fresh all-time low of 72.1600 against the US dollar on sudden bouts of dollar buying by banks and importers. Elevated oil prices and the trade tensions between the US and China contributed to the outflows. On contrary, dollar strengthened against a basket of currencies overseas as the US economy continued to exhibit strength amid a lingering threat of escalation in the US-China trade conflict. Trade tensions were a key focus for investors, with the US reportedly scheduled to restart tense negotiations with Canada that could lead to way to revising the North American Free Trade Agreement.

Fundamental News

  • European Monetary Union Retail Sales (MoM) meets expectations -0.2% in July.
  • United Kingdom Markit Services PMI above expectations 53.9 in August: Actual 54.3.
  • Germany Markit PMI Composite came in at 55.6 below forecasts 55.7 in August.

USDINR showed positive movements after some correction closed with gain.
Currency pair found resistance above 72.0000 level if able to sustain below this mark then 71.5000 is act as support zone for it.

EURINR showed sideways movements after positive opening closed with positive bias.
Immediate resistance for the currency pair is seen around 83.5000 above which it may continue bullish movements and find resistance near 83.8000.

GBPINR unable to sustain on higher levels showed correction closed with positive note.
92.0000 is act as strong support zone for the currency, if trade above this level in upcoming session then shows positive movements towards 92.6000.

JPYINR after positive movements found resistance on higher levels closed with partial gain.
On higher levels 64.7000 is resistance level for it, if able to break it then find next resistance around 65.0000 level. Whereas 64.3000 is act as support for it.

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