Market Outlook

Against the US dollar, the rupee opened flat at 71.7250 due to strong dollar demand from banks and importers amid unabated foreign fund outflows. Rupee came under pressure after the latest escalation of the US-China trade war. However, higher opening in domestic equities, easing crude oil prices and the government’s announcement of several measures to boost economy supported the domestic currency and restricted the fall. Meanwhile, on Monday, China’s currency slid to its lowest point in over 11 years.

Fundamental News

  • US Pres. Trump aides say he isn’t ordering US companies out of China .
  • Japan agrees to import additional 2.5 million tonnes of feed core from the US.
  • Gold retreats from multi-year tops, fills weekly bullish gap on positive trade headlines.
  • China’s offshore Yuan Hibor rises to highest since November 2018.

USDINR opened with positive bias showed correction and closed with gain.

Sustaining above 72.0000 mark in upcoming session currency pair continue bullish movements and find resistance around 72.5000.

EURINR showed correction from higher levels closed above its psychological level.

Currency pair continue positive rally if above to sustain above 80.0000 mark and find next resistance around 80.7000.

GBPINR after correction from higher levels closed around its support.

Immediate resistance for the currency pair is seen around 88.2000 sustaining above this mark it may shows bullish movements.

JPYINR found resistance on higher levels closed with positive note.

Now, 68.3000 is seen as resistance zone breakout above this level 68.5000 is act as next resistance for it. On lower levels 67.7000 is strong support for it.

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