Market Outlook

The rupee opened flat at 71.5750 against the US dollar amid foreign fund outflows and cautious opening in domestic equities. However, weakening of the greenback vis-a-vis some currencies overseas and easing crude oil prices added support to the local unit. On the flip side, the U.S. dollar was largely unchanged on Thursday in Asia. The U.S. Federal Reserve’s July 30-31 meeting minutes released overnight received some focus. Meanwhile, China’s yuan slipped to a fresh 11-year low against the dollar.

Fundamental News

  • Asian shares tentative after Fed minutes, Hang Seng charts death cross.
  • China’s onshore Yuan hits lowest since March 2008.
  • China to impose sanctions on US companies for arms sales to Taiwan.
  • S. Korea central bank (BOK): Japan’s export curbs could be more damaging to local economy than tariff hikes.

USDINR showed bullish movements after positive opening closed with gain.

72.0000 is seen as immediate resistance zone for the currency pair sustaining above this mark it may shows more bullish movements.

EURINR after bullish movements showed correction closed around its resistance.

If able to continue positive movements then currency pair find resistance around its psychological level of 80.0000 above which it is more bullish.

GBPINR after breakout from its resistance showed bullish movements closed with positive bias.

Now, currency pair shows more positive rally if able to sustain above support of 87.0000 and find resistance around 87.7000.

JPYINR found resistance on higher levels closed around its support.

Currency pair continue its correction towards support zone of 67.0000 if unable to sustain above its resistance of 67.8000.

(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Your email address will not be published.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 *