Market Outlook

In early trade, the rupee depreciated by 5 paise to open at 69.5475 and throughout the day traded in the range of 69.5725 and 69.2850 against the US dollar. Moreover, the International Monetary Fund’s (IMF) bullish growth outlook for the Indian economy also added strength to the local currency. On the flip side, dollar was little changed against major Asian peers Moreover, the International Monetary Fund’s (IMF) bullish growth outlook for the Indian economy also added strength to the local currency.

Fundamental News

  • Trump slams EU in aircraft dispute, pushes tariffs on $11 billion of imports.
  • EU, China hail ‘breakthrough’ trade agreement that contrasts Trump’s ‘America First’ agenda.
  • Japan, US to continue discussion on Iran sanctions after latest talks.
  • PBoC Fixes USDCNY Reference Rate at 6.7110.

USDINR

USDINR after negative opening showed correction unable to sustain on higher levels closed around its support. 69.0000 is seen as strong support zone for the currency pair sustaining below this mark it may shows more bearish movements towards 68.8000.

EURINR

EURINR opened with negative bias showed correction and closed with negative note. If continue bearish movements in upcoming session then 78.0000 is act as support for it below which it may drag towards next support zone.

GBPINR

GBPINR found support on lower levels and closed with partial loss.  Now, 91.0000 is act as crucial level for the currency pair sustaining below this mark it may shows bearish movements towards 90.5000. On higher levels 91.5000 is resistance for it.

JPYINR

JPYINR after correction unable to sustain on higher levels closed around its day low. Currency pair shows negative movements if able to sustain below 62.7000 and find support around 62.0000 mark below which it is more bearish.

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