Market Outlook

The rupee rose 48 paise to 70.92 against the dollar in early trade on Wednesday amid market recovery across Asia. The recovery was mainly due to Trump’s decision that delayed tariffs on some Chinese imports and that gave much-needed relief for markets gripped by political and economic turmoil. The U.S. dollar surged after the U.S. Trade Representative delayed tariffs on a number of items, including toys and computer consoles.

Fundamental News

  • Wall Street kicks back on trade war headline Turnaround.
  • China: sticking to Sept trade talks after the delayed tariffs .
  • US Inflation Data Shows Tariffs Are Not a Tax on Consumers but on Foreign & US Corporations.
  • AUDUSD dips after China data misses in retail sales and industrial production.

 

USDINR

USDINR opened gap down but recovered from lows and rose towards the previous closing. For the coming session, if the currency pair is able to sustain above the immediate resistance of 71.5000 then it may move higher while 71.0000 is still seen as support.

EURINR

EURINR opened on lower note but buls pulled the counter towards the resistance levels on daily chart. Trend of the currency pair still lies in positive zone and bulls can become active if it sustains above mark of 80.0000. On lower side, 79.5000-79.3000 is seen as support range.

GBPINR

GBPINR after weakening in early trades gained momentum throughout the session and closed on flat note.On daily charts, 86.7500 is seen as strong resistance whereas the counter may find major support range in 86.0000-85.6000.

JPYINR

JPYINR found support around lower levels and moved towards resistance levels and closed on strong note.If the currency pair sustains below 67.0000 then it may drop towards the support of 66.6000 whereas 67.2000 is seen as immediate resistance for it.

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