Market Outlook

The rupee opened at 71.8525 and traded in the range of 72.3175 and 71.8525 against the US dollar in early trade on Thursday, tracking a weak domestic equity market and persistent foreign fund outflows. Pessimism over US-China trade talks also put pressure on the domestic unit. However, a weak dollar against other major currencies overseas and softening crude prices restricted the rupee’s fall. Meanwhile, investors remained edgy over concerns about developments in the China-US trade talks.

 

Fundamental News

  • Australia: Q2 Capex fell 0.5%.
  • Bearish bets on China’s Yuan at their highest in one year.
  • NZ: Business Confidence index in August fell to -52.3 .
  • China has restricted lenders’ investment in policy bank bonds to further curb interbank lending.

USDINR found resistance on higher levels closed with partial loss.

72.0000 is act as crucial zone for the currency pair sustaining above this mark it may find resistance around 72.3000 and on lower levels 71.5000 is support for it.

EURINR unable to sustain on higher levels and closed around its support.

Currency pair continue bullish movements if able to sustain above psychological level of 80.0000 and find resistance near 80.5000.

GBPINR showed correction from higher levels closed with loss,

Sustaining above 88.0000 mark bulls may active and take it towards resistance zone of 88.5000. On lower levels 87.5000 is act as strong support.

JPYINR showed bearish movements and closed with negative bias.

67.7000 is seen as immediate support for the currency pair sustaining below this mark it may continue negative movements towards 67.3000.

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