Market Outlook

The Indian Rupee apreciated by 9 paise to open at 67.9500 and swinging between 67.9500 and 67.7100 against the US dollar on account of increasing in selling pressure of american currency by banks and exporters. Moreover, weakening of dollar from 11- month peak against basket of currencies due to plunge of Philadelphia Federal Reserve’s manufacturing index bolstered the Rupee sentiment. The emerging U.S.-China trade war also underpinned support for the dollar recently.

Fundamental News

  • European Monetary Union Markit Services PMI registered at 55 above expectations (53.7) in June.
  • Japan Nikkei Manufacturing PMI above forecasts (52.6) in June: Actual (53.1).
  • Japan All Industry Activity Index (MoM) came in at 1%, above expectations (0.9%) in Apri

USDINR

USDINR open with negative bias sustain on lower levels closed with loss. Now, 67.6000 is act as strong support level below which it may continue negative movements and find support around 67.4000.

EURINR

EURINR showed some correction after positive movements closed with gain. 79.2000 is seen as immediate resistance sustaining above this level may give positive strength to the currecy pair and find next resistance around 79.5000.

GBPINR

GBPINR showed positive movements closed above its psychological resistance. More positive movements are expected in the currency pair above 90.3000 marks and find resistance near 90.6000. On lower levels 89.7000 is support for it.

JPYINR

JPYINR unable to sustain on higher levels drag down closed with flat note. If continue negative movements than 61.0000 is seen as strong support level for it. On upward side 61.8000 is act as immediate resistance.

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