Market Outlook

Against the US dollar, the Indian Rupee plunged to a record low of 70.4925 with market participants sentiments weakened after the US dollar continued to strengthen against Asian peers as well as a widening trade deficit on the domestic front.
On the flip side, the dollar was supported near 14 months high amid worries surrounding Turkey’s currency crisis and continued trade tensions weighed on investors’ confidence. But, energy sector skidding due to sharp fall in global oil prices which making it the worst S&P 500 performer.

Fundamental News

• United States Michigan Consumer Sentiment Index below expectations 98 in August: Actual 95.3.
• Russia Producer Price Index (MoM) declined to 0.3% in July from previous 3.4%
• Canada Foreign portfolio investment in Canadian securities registered at $11.55B above expectations $4.91B in June.

USDINR showed sideways to bullish movements closed with gain.
Now, psychological level of 70.0000 is act as strong support zone for it, sustaining above this level may give more bullish movements in it.

EURINR showed correction in last trading hours closed around its day low.
Currency pair found resistance on higher levels closed below 80.0000, suggesting more correction in it and may find support around 79.7000.

GBPINR showed volatile session unable to sustain on higher levels closed with loss.
If continue negative movements then it may find support around 89.0000 level. On upward side it has strong resistance of 89.7000.
JPYINR showed sideways movements through out the session closed with gain.
Currency pair unable to sustain above its resistance level and trades around its support suggesting correction in it towards psychological level of 63.0000.

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