Market Outlook

The Indian rupee is aapreciated by 10 paise to open at 70.7000 against US dollar, tracking gains in domestic equities, amid reports of a meeting between foreign investors and Finance Ministry officials regarding higher tax surcharge during the day. Meanwhile, foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 437.39 crore on Thursday. On the flip side, the dollar was mixed after the Chinese yuan defied some weak factory gate inflation data to end the week on a stable note.

Fundamental News

  • Aussie resilient to RBA-speak, trade jitters; eyes on UK GDP, Italian politics.
  • China’s CPI rises to 2.8% y/y in July, beats estimates.
  • Bank of Japan cuts 3-5 year bond purchases for the first time since July 3
  • China sees first factory deflation since 2016.
  • US treasury yield curve flattest since December 2018.

USDINR washed off all the losses so made in early trades and closed the session on positive note. Now, the major psychological resistance seen is of 71.0000 mark and on lower side, 70.5000 is seen as strong support for the currency pair.

EURINR opened on lower note and recovery from lower levels made the pair to close in green territory. It found strong support around the important support level of 79.0000 which is still seen as support whereas 80.2000 is seen as strong resistance from current levels.

GBPINR continued the bear moves since last two sessions and closed on negative note. If the currency pair continue show bearish moves then it may find support in the range of 85.5000-85.3000. On higher side, 86.0000 may act as strict resistance.

JPYINR found support around lower levels and moved towards resistance levels and closed on strong note. If the currency pair sustains below 67.0000 then it may drop towards the support of 66.6000 whereas 67.2000 is seen as immediate resistance for it.

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