Market Outlook

The rupee appreciated by 7 paise to open at 70.000 against the US dollar,driven by positive opening in domestic equities and weakening of the greenback in overseas markets. Moreover, easing crude prices, sustained foreign fund inflows and selling of the American currency by exporters supported the rupee. On the other hand, the U.S. economy is firing on all cylinders, despite the nasty trade war with China, which has escalated in recent weeks. U.S. officials, including President Trump, had announced that substantial progress had been made.

Fundamental News

  • Potential SNB intervention draws closer as the franc gains on haven demand.
  • Yen Rises on Safe-Haven Demand, Mexican Peso Slump on Tariff News.
  • Australia: Annual growth to dip below 2%, RBA to cut.
  • China will take major retaliative measures against the US on the Huawei issue.

USDINR after correction unable to sustain on higher levels closed around its support. Sustaining below 70.0000 level currency pair shows negative movements and drag towards its next support zone of 69.5000.

EURINR found resistance on higher levels closed with negative note. Now, 78.0000 is act as crucial zone for the currency pair below this mark it may shows negative movements and find support near 77.6000.

GBPINR opened with negative bias showed bearish movements closed with loss. Currnecy pair shows more negative movements if able to sustain below its support zone of 87.7000 and find next support around 87.5000.

JPYINR showed bullish movements throughout the session closed with gain. 64.5000 is act as resistance for the currency pair breakout above this level it may shows bullish rally towards next resistance of 64.8000.

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