Market Outlook

The rupee opened flat at 68.9975 against the US dollar in early trade on Thursday amid a positive opening in the domestic equity market. However, foreign fund outflows and rising crude oil prices weighed on the local currency. Besides, the rupee is expected to trade in a narrow range ahead of the crucial European Central Bank (ECB) policy statement to be released later on Thursday. Other major global cues that are going to dictate terms to the rupee include the US second quarter preliminary GDP print on Friday and FOMC meeting on July 31.

Fundamental News

  • Asian stocks rise on stimulus hopes.
  • RBA’s Lowe: Global disputes on trade, technology making businesses reluctant to invest.
  • EUR/CHF drops to lowest since July 2017.
  • S. Korean PM warns Japan should not further worsen trade spat over export curbs.

USDINR showed correction from lower levels closed with partial gain.

Now, sustaining above 69.0000 levels currency pair shows positive movements and find resistance around 69.5000 mark.

EURINR opened with negative bias showed correction closed with partial loss.

Sustaining below 77.0000 mark currency pair continue negative movements and drag towards its support zone of 76.5000.

GBPINR found support on lower levels showed correction closed with negative note.

86.5000 is seen as strong resistance zone for the currency pair only breakout above this mark it may shows positive movements.

JPYINR after negative opening found support showed correction closed with flat note.

On higher levels 64.0000 is act as resistance zone sustaining above this mark it may shows positive movements towards 64.3000.

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