Market Outlook

The rupee on Tuesday declined by 7 paise to open at 68.8950 against the US currency in early trade, due to strong dollar demand from banks and importers amid persistent foreign fund outflows. A strengthening dollar against major currencies overseas and weak domestic equity market weighed on the local unit. However, softening crude oil prices restricted the rupee’s fall. The U.S. dollar was flat on Tuesday in Asia as expectations of aggressive interest rate cut reduced following a strong jobs report released late last week.

Fundamental News

  • Japan real wages fall for a fifth straight month in May.
  • UK economy probably shrank for first time in seven years.
  • Tension mounts ahead of Powell, Euro fears QE, Bitcoin rallies.
  • China: CPI inflation increased to 2.7% in May.
  • ANZ: Consumer confidence dips after second RBA rate cut.
  • Pound Slides as Weak Retail Data Point to 2Q GDP Drop.

USDINR opened with positive bias unable to sustain and closed with loss.

69.0000 is act as strong resistance on higher levels sustaining below this mark currency pair shows negative movements towards 68.2000.

EURINR after correction found resistance on higher levels closed around its support.

For upcoming session 77.0000 is act as immediate support zone breakout below this level next support is seen around 76.6000.

GBPINR showed bearish movements throughout the session closed with negative bias.

Now, 86.0000 is act as immediate resistance zone for the currency pair sustaining above this mark it may shows some correction.

JPYINR after breakout from support level showed negative movements closed with loss.

Currency pair continues its bearish movements if able to give breakout of its strong support level i.e. 63.0000 and drag towards 62.7000.

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