Market Outlook

The Indian rupee opened with partial gain at 70.9825 and traded in the range of 71.0775 and 70.8600 against the US dollar, as Firm domestic stock markets, easing crude prices and gains in other Asian currencies also supported the rupee. However, strengthening of the greenback vis-a-vis other currencies overseas capped gains for the rupee. The overall global risk sentiment will be remain positive on hopes that US and China would be able to settle trade deal soon. Also two-day Federal Reserve meet starts today.

Fundamental News

  • Dollar Picks Up Ahead of Fed, Brexit Woes Weigh on Sterling.
  • 3-Month Brexit Extension Pressures Euro to Pound Sterling Exchange Rate.
  • Brexit confusion weighs on pound, dents risk appetite.
  • Diaspora deposits down 29 per cent in FY20.
  • Trade optimism supports dollar vs yen.

USDINR showed correction from lower levels closed with partial loss.

If able to sustain below its immediate support zone of 71.0000 currency pair continue bearish movements and find support around 70.5000.

EURINR showed sideways to bullish movements and closed with partial gain.

On higher levels 79.0000 is seen as strong resistance zone for the currency pair sustaining below this mark it may drag towards 78.3000.

GBPINR found support and showed bullish movements closed with positive note.

91.5000 is seen as immediate resistance for the currency pair breakout above this mark it may shows positive rally towards resistance of 92.0000.

JPYINR opened with negative bias after correction found resistance closed with loss.

Currency pait continue bearish movements if able to sustain below its support zone of 65.0000 and find next support around 64.8000.

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