Market Outlook
The Indian Rupee opened marginally higher at 68.4850 and hovered in the range of 68.7025 and 68.4425 against the US dollar on increasing selling pressure of dollar by banks and exporters. Moreover, sustained selling pressure of greenback and strong domestic bourses bolstered the rupee sentiments. On the flip side, the dollar firmed up against basket of currencies ahead of the optimistic comments from the head of the U.S. Federal Reserve reinforced expectations that the central bank is on track to keep gradually raising interest rates.

Fundamental News
• South Africa Consumer Price Index (MoM) registered at 0.4%, below expectations 0.6% in June.
• Australia Westpac Leading Index (MoM) up to 0% in June from previous -0.2%.
• United States API Weekly Crude Oil Stock rose from previous -6.796M to 0.629M.

USDINR showed positive movements after negative opening closed with gain.
68.7000 is strong resistance for the currency pair if able to sustain above it then continue bullish rally towards 69.0000 level. On downward side 68.5000 is support for it. EURINR showed sideways movements and closed with negative bias.
Currecny pair found support around its strong level if trades above it, in upcoming trading session then shows positive movements towards 80.2000. GBPINR showed negative movements closed around its support level.
Currency pair may continue bearish movements if sustain below its immediate support mark of 89.3000 and find next support near 89.0000.
JPYINR showed sideways to positive movements and closed with partial loss.
Currency struggling around its resistance zone of 61.0000 if able to break in upcoming session then 61.2000 is act as resistance for it.

 (Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *