Market Outlook

The rupee opened on a flat note at 69.6925 against the US dollar in opening trade on Monday amid rising crude oil prices and foreign fund outflows. The domestic currency was under pressure and was trading in a narrow range after media report surfaced that Viral Acharya has quit as RBI deputy governor. As per reports Acharya has resigned six months before the scheduled end of his term. Moreover, rising crude oil prices, foreign fund outflows and cautious opening in domestic equities kept investors edgy.

Fundamental News

  • Trump Denies Fed Threat, China Stimulus, QE Down Under.
  • German IFO Business Climate Index drops to 97.4 in June, EUR unfazed.
  • Singapore: core inflation steady, risks to the downside.
  • Aussie jumps on RBA’s Lowe; focus on German IFO, trade.
  • Iran: Reported US cyber-attacks have not been successful.

USDINR showed correction from higher levels closed with loss.

Now, strong support for the currency pair is seen around 69.0000 if able to break in upcoming session it comes in short term bearish zone.

EURINR showed sideways movements after positive opening closed with gain.

If continue to trades above 79.0000 mark in upcoming session then shows more bullish movements and find resistance around 79.5000.

GBPINR showed correction after positive opening closed with positive bias.

Currency pair continue its bullish movements if sustain above its immediate resistance zone of 88.6000 and find resistance near 89.0000.

JPYINR showed sideways to bearish movements closed with partial loss.

Sustaing on lower levels currency pair shows more bearish movements and drag towards its strong support zone of 64.3000.

(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Your email address will not be published.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 *