Market Outlook

The rupee appreciated marginally by 5 paise to 68.8675 against the United States (US) dollar in the opening trade on Thursday, driven by weakening of the US dollar vis-a-vis other currencies overseas. On the flip side, the U.S. dollar was slightly weaker against a currency basket as lower U.S. yields and a recovery in the British pound weighed. Concerns over the ongoing U.S.-China trade war also weighed after the Wall Street Journal reported that progress toward a deal had stalled.

Fundamental News

  • Stocks in Asia lower amid renewed threat to trade.
  • Japan Exports Fall a Seventh Straight Month Amid Global Slowdown.
  • Bank of Korea surprises with 25 basis point rate cut.
  • USD weakness extends, trade tensions mount, Silver surges.
  • Australia: Unchanged unemployment rate for June.

USDINR after negative opening found support and closed above its resistance. If able to continue trades above 69.0000 mark currency pair shows positive movements towards its next resistance of 69.5000.

EURINR opened with partial gain showed bullish movements and closed with positive note. Immediate support for the currency pair is seen around 77.4000 sustaining below this mark it may continue bearish movements.

GBPINR showed bullish movements throughout the session closed with positive bias. Currency pair continues positive rally if sustain above resistance of 86.5000 and on lower levels it may find support around 86.0000.

 

JPYINR opened with positive bias showed sideways movements closed with gain. Sustaining above 64.0000 mark currency pair shows more positive movements and find next resistance around 64.5000.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *