Market Outlook

The rupee opened on a cautious note at 68.7150 against the United States (US) dollar in early trade on Wednesday amid rising crude oil prices and foreign fund outflows. However, weakening of the greenback vis-a-vis other currencies overseas and positive opening in domestic equities added support to the local unit and restricted the downfall. Meanwhile, on the global front, the Trump administration has said that there is an “enormous potential” for growth in the India-US relationship.

Fundamental News

  • US dollar corrects, US-Japan eye a trade deal, and Bitcoin bounces.
  • UK: Headline CPI likely to print 2.0% in June.
  • US: Strong retail sales, flat industrial production.
  • Australia: Leading Index improves but still negative.
  • Japan-Korea history war spirals toward trade war.

USDINR found support on lower levels showed positive movements closed with gain.

Now, sustaining above 69.0000 mark in upcoming session currency pair shows bullish movements and find resistance near 69.3000.

EURINR after negative movements found support and showed correction closed around its support.

Sustaining belos support zone of 77.3000 currency pair continue its bearish movements and find next support around 77.0000.

GBPINR unable to sustain on higher levels showed bearish movements closed with flat note.

85.8000 is seen as storng resistance zone for the currency pair sustaining below this level it may continue negative movements.

JPYINR opened with negative bias after correction found resistance closed with loss.

Currency pair continues its bearish movements if able to break its immediate support zone and find next support around 63.3000.

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