Market Outlook

The rupee opened on a flat note at 68.9200 against the United States (US) dollar in early trade on Monday amid foreign fund outflows and cautious opening in domestic equities. Moreover, the rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee meeting on July 31. Besides, market participants are also looking forward to the US and China trade talks, which can impact rupee movement. The US and Chinese officials, are restarting negotiations in Shanghai on Tuesday.

Fundamental News

  • Asian shares wobble as all eyes on US-China trade talks, FOMC.
  • US dollar holds firmer ahead of a big Fed week.
  • USD/CNH surges to 3-week high amid Hong Kong protests, trade woes.
  • China’s CommerceMin: To launch anti-dumping probe into some chemical products from US, EU and Japan.

USDINR opened with positive note found resistance and closed with negative bias.

Sustaining below 69.0000 mark currency pair continue bearish movements and find support around its strong level of 68.5000.

EURINR opened with partial loss showed bearish movements closed with loss.

Currency pair shows more negative movements if able to sustain below its support of 76.5000 and find next support around 76.3000.

GBPINR after negative opening showed bearish movements and closed with negative note.

85.0000 is seen as crucial mark for the currency pair sustaining below this mark it may continue negative movements towards 84.5000.

JPYINR unable to sustain on higher levels closed around its support level.

On higher levels 64.0000 is act as strong resistance zone for the currency pair below this level it may drag towards support zone of 63.0000.

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