Market Outlook

The rupee tumbled by 51 paise to open at 72.1350 against the US currency, tracking a weak opening in domestic equities amid strong dollar demand from banks and importers.  US tariffs on imports from China took effect on Sunday and were followed later by Beijing’s retaliation. Following this, the domestic currency was under pressure. The U.S. dollar continued to climb, rising to highs not seen since April 2017 while British pound fell to its lowest level since October 2016.

Fundamental News

  • Australia: First current account surplus since 1975Q2.
  • OPEC output rises for first time since start of 2019 cutbacks.
  • Japan’s Aso: US-China trade war won’t be resolved in the short-term.
  • China urges US to stop blacklisting Chinese nuclear firms.
  • Australia’s Retail Sales drop 0.1% in July, a big miss, Aussie breaches 0.6700.

USDINR

USDINR opened above its resistance and closed with positive note. Now, 73.0000 is seen as strong resistance zone for the currency pair if shows bullish movements then found resistance around it.

EURINR

EURINR after correction showed sideways movements closed with gain. If continue bearish movements in upcoming session then 79.0000 is act as strong support zone for the currency pair below which it is more bearish.

GBPINR

GBPINR opened with negative bias after correction closed with partial gain. Sustaining below its support of 87.2000 currency pair continue negative movements and find next support around 87.0000.

JPYINR

JPYINR after positive opening showed bullish movements closed with positive bias. On higher levels 69.0000 is act as resistance for the currency pair, if shows some correction then 68.2000 is seen as support for it.

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