Market Outlook

The Indian rupee closed with partial gain against the US dollar on Thursday tracking subdued domestic equities and other Asian currencies, after positive opening of the session. The U.S. dollar slipped as traders digested the latest Sino-U.S. trade news. A speech by U.S. Federal Reserve Chairman Jerome Powell also received some focus overnight. Sino-U.S. trade discussions had made “no progress” and the principal Chinese negotiators might cut short their stay. The dollar is getting no reprieve on the session as it continues to fall across currencies.

Fundamental News

  • ECB Meeting Account Shows Policy Makers Far Apart on Stimulus.
  • German Imports Suggest Trade-Inflicted Slowdown Is Hitting Home.
  • Dollar Lower as Speculation Swirls Pre-Trade Talks.
  • Dollar continues to soften as US-China trade talks loom.
  • Pound Swedish Krona Exchange Rate Sinks, UK Growth Figure Eases.

USDINR after negative showed correction found resistance closed with partial loss.

If able to break support zone of 71.0000 currency pair shows bearish movements and find next support around 70.7000 mark.

EURINR showed bullish movements throughout the session closed with gain.

Currency pair continue bullish movements towards its resistance zone of 79.0000 above which it may find resistance around 79.2000.

GBPINR showed sideways to bullish movements closed around its resistance.

Now, breakout below support zone of 87.0000 currency pair shows bearish movements and drag towards its next support of 86.7000.

JPYINR showed correction from lower levels found resistnace closed with loss.

Sustaining on lower levels currency pair find support around 66.0000 and breakout below which it may shows more bearish movements.

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