Market Outlook

The rupee appreciated by 21 paise to 68.7875 against the United States (US) dollar in early trade on Friday, as market participants pinned their hopes on aggressive interest cut by the US Federal Reserve later this month.  Moreover, Rupee along with most Asian currencies was trading in the positive territory following dovish comments from both New York Fed President John Williams and Vice Chair Richard Clarida. On the flip side, the U.S. dollar was consolidating at lower levels in Europe and was on track to end the week roughly where it started.

Fundamental News

  • Asian stocks rise on Fed-rate cut bets.
  • Japan Inflation Hits 2-Year Low as BOJ Faces Pressure to Act.
  • GBP/USD clings to 4-day high as USD pullback confronts Brexit optimism.
  • U.S. Tech firms push Trump to allow sales to Huawei, set up White House meeting next week.

USDINR after a gap down opening found support around lower levels but closed onb flat to negative note. It tends to rise towards the mark of 69.0000 which is seen as crucial resistance for it. From current levels, 68.5000 is seen as support whereas 69.1000 as important resistance.

EURINR opened on a flat to positive note but was unable to give decisive breakout rather slipped in last hour. Now, support range is seen around 77.2000-77.0000 while any closing above 77.7000 can show some bullish movements for the counter.

GBPINR after a strong closing in previous session continued the bull momentum and closed on a positive note. Immeadite psychological resistance is seen around mark of 87.0000 whereas any closing in range of 86.2000-86.0000 can weaken the currency pair.

JPYINR continued the bullish momentum so seen from last few sessions and closed in green. If the currency pair sustains above the mark of 64.0000 then it may further move towards resistance of 64.4000 whereas 63.8000 is seen as near support.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *