Market Outlook
Against the US dollar, the rupee wiped out its morning gains to hit a new record low of 74.5925 and throughout the day hovered in the range of 74.5925 and 74.0750 as Brent crude breached the $84 a barrel-mark again. Moreover, unabated foreign fund outflows and strengthening of dollar against major Asian peers pulled the rupee down.
Against currency basket, dollar edged higher and Yen remained steady as U.S. bond yields and concerns over the outlook for global growth weighed on risk appetite of market participants.

Fundamental News

  • Sterling Pound was a touch lower amid ongoing uncertainty over what sort of deal Britain will secure before its exit from the European Union.
  • The euro was hovering near lows amid worries that the Italian government’s spending plans could trigger another round of the country’s debt crisis.

USDINR after negative opening found support on lower levels closed on new high.
If able to maintain above 74.5000 in upcoming session then it may shows bullish movements towards psychological resistance of 75.0000.

EURINR showed sideways to positive movements closed with partial gain.
Now, 85.7000 is immediate resistance zone for the currency pair if give breakout of this level then continue positive rally towards 86.0000.

GBPINR showed correction from higher levels closed with gain.
Sustaining above 97.0000 level shows strength in particular currency may continue bullish movements if able to break resistance zone of 97.5000.

JPYINR showed positive movements throughout the session closed with positive bias.
Currency pair found resistance around 66.0000 level opening above this level may give positive momentum to it and find resistance near 66.3000.

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