Market Outlook

The Indian rupee opened flat at 68.6800 against the US dollar as forex market weighed measures announced in the Union Budget to achieve the USD 5-trillion economy target. Presenting the first Budget of the Modi government in its second term, she said the Indian economy, which stood at USD 1.85 trillion five years back, has reached USD 2.7 trillion now, and is within capacity to reach USD 5 trillion in the next few years. Meanwhile, easing crude oil prices also supported the local unit.

Fundamental News

  • Asian stocks tentative ahead of US payrolls data.
  • China won’t buy US agricultural products if Americans ‘flip-flop’ in trade talks.
  • U.S. job growth seen accelerating, rate cut still expected.
  • Canadian Dollar Steady Ahead of US and Canadian Jobs.
  • Japan’s May household spending rises at fastest pace in 4 years.

USDINR opened with positive bias found resistance and closed around its support. 68.5000 is seen as strong support zone for the currency pair breakout below this mark it may drag towards next support of 68.3000.

EURINR found resistance on higher levels showed bearish movements closed with negative bias. If able to continue negative movements in upcoming session then currency pair found stong support around 77.0000 mark.

GBPINR showed positive movements in early trades found resistance closed with loss. Currency pair continues bearish rally towards its support zone of 86.0000 below which it may shows more negative movements.

JPYINR after positive opening unable to sustain on higher levels closed around its support. Sustaining below support of 63.5000 currency pair shows more negative movements and finds next support around 63.2000.

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