Market Outlook

Against the US dollar, the Indian rupee opened flat to positive at 70.7625, tracking a weak opening in domestic equities and foreign fund outflows. Moreover, increasing demand for the US dollar vis-a-vis other currencies overseas and rising crude oil prices weighed on the domestic unit. Contrary, the dollar held near recent highs on Monday as uncertainty over the U.S.-China trade war encouraged investors to move into the safety of the greenback, while the New Zealand dollar slid to a 4-year low after business confidence tumbled.

Fundamental News

  • Asian stocks: Cautiously bid amid mixed market sentiment.
  • Trade uncertainty dominates markets, Boris Johnson in new trouble, China recovering.
  • Kiwi hit by poor NZ data, trade woes; a busy session ahead.
  • Australia: Annual private sector credit growth now below 3%.

 

USDINR

USDINR opened on weak note but soon gained momentum towards higher resistanace and closed in green. If it sustains above the psychological mark of 71.0000 then it may move higher towards 71.5000 whereas 70-8000-70.5000 may act as strong support range.

EURINR

EURINR opened with negative bias showed but moved higher to trade above the previous close. Now, immediate resistance seen ahead is 78.0000 whereas any dragging below 77.5000 can reverse the trend towards the support range of 77.3000-77.0000.

 

GBPINR

GBPINR opened below the important support on daily charts but didn’t sustained on lower levels. Bulls can again help in positive momentum if the currency pair maintains above 87.5000. On lower side, 87.0000-86.6000 may act as support range.

 

JPYINR

JPYINR found support around lower levels and positive bias was seen in the entire session. The currency pair is near to resistance of 66.0000 and if it sustains above it then further it may move towards resistance of 66.5000 while 65.4000 may act as support.

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