Market Outlook

The rupee opened flat at 68.6400 against the United States (US) dollar in early trade on Tuesday as the country’s exports entered the negative zone after a gap of eight months. Notwithstanding the weak trade data, positive opening in domestic equities supported the local unit and restricted the downfall. On macro front, India’s exports shrank for the first time in nine months in June as global trade tension hit shipments and the country braced for the impact of the US withdrawing some benefits. 

Fundamental News

  • Asia Pacific stocks trade flat to negative after record highs on Wall Street
  •  Kiwi cheers NZ CPI, trade talks set to resume, and Bitcoin recovery falters.
  • Inflation up 0.6% in June quarter in line with RBNZ expectations; Rise comes off the back of higher petrol prices and rents.
  • UK: Unemployment rate likely to remain unchanged at 3.8% in May.

USDINR found support and showed positive movements closed with gain.

69.0000 is seen as strong resistance zone on higher levels for the currency pair sustaining below this mark it may continue bearish movements.

EURINR after negative opening showed sideways to bearish movements closed with loss.

If able to continue bearish movements in upcoming session then currency pair find support around 77.0000 below which it is more bearish.

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

Now, sustaining below its immediate support level it may shows negative movements and find support around 85.0000 mark.

JPYINR showed correction from lower levels closed with partial gain.

Currency pair shows bearish movements if able to sustain below its resistance zone of 64.0000 and find support near 63.5000.

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