Market Outlook

The Indian rupee on Tuesday ended almost flat at 69.1200 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the Union Budget due on Friday. The dollar struggled on Wednesday, having been nudged off two-week highs as fading optimism over any near-term Sino-U.S. trade deal revived safe-haven demand and drove U.S. yields down. Sentiment was also dented by Washington’s threat of tariffs on $4 billion of additional European Union goods in a long-running dispute over aircraft subsidies.

Fundamental News

  • Asian stocks decline amid doubts over trade enthusiasm, sluggish data.
  • EU, France, Germany and UK urge Iran to reverse uranium decision.
  • Yen firmer amid Asia risk-off; German/ UK Services PMIs eyed.
  • India to revise its borrowing target slightly higher for this year.
  • US government staff told treat Huawei as blacklisted.

USDINR showed sideways movements closed around its support.

Sustaining below immediate support of 69.0000 mark currency pair shows bearish movements and finds next support near 68.7000.

EURINR after negative opening found support on lower levels closed with loss.

Now, 78.0000 is seen as strong support for the currency pair sustaining above this mark it may shows some correction towards 78.70000.

GBPINR opened with negative bias showed bearish movements closed around its support.

87.0000 is act as crucial zone for the currency pair sustaining below this mark it may continue negative movements towards 86.5000.

JPYINR opened with positive bias showed sideways movements closed with gain.

If able to sustain on higher levels then currency pair continue positive movements and finds resistance around 64.8000.

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