Market Outlook

The Indian Rupee slides 7 paise to open at 68.1325 and throughout the day traded in the range of 68.3925 and 68.0250 against the US dollar on account of increasing demand of dollar from banks and importers amid persistent foreign fund outflows. Moreover; weak domestic bourses also put pressure on the rupee. on contrarily, the dollar fell to one-week lows against the safe-haven yen as escalating trade tensions between the U.S. and China weighed on market sentiment.

Fundamental News

  • Hong Kong SAR Unemployment rate unchanged at 2.8% in May.
  • European Monetary Union Current Account n.s.a declined to €26.2B in April from previous €40.6B.
  • Australia House Price Index (YoY) came in at 2%, above expectations (1.7%) in 1Q.

USDINR open with positive bias showed positive movements closed with the gain. If currency pair breaks its immediate resistance mark on intraday charts then the upward movement can be seen towards 68.5000.

EURINR open with the positive note and traded in the negative zone and ended the session on the moderate loss. If currency pair breaks its immediate resistance mark on intraday charts then the northward movement can be seen towards 79.3600.

GBPINR opened with flat note showed bearish movements throughout the session closed with a negative note. If currency pair closed below its immediate support level of 90.000 then shows some negative movements towards 89.7500. On higher levels, 90.2500 is resistance for it.

JPYINR showed bullish movements throughout the session closed with a positive note. If Currency pair opens above its immediate resistance level of 62.3600 then shows some positive movements towards 62.6000. On lower levels, 62.1600 is support for it.

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