Market Outlook

In early trade, the Indian rupee depriciated by 10 paise to open at 71.3400 and throughout the day hovered in the range of 71.8000 and 71.2200 against the US dollar on fresh demand for the US currency from importers. Moreover, strength in dollar against major Asian peers and a lower opening in domestic market kept pressure on rupee. On the other side, the dollar held near a one-week low against its major Asian peers as currency markets waited for testimony from Fed Chairman Jerome Powell that might give a further boost to risk appetite.

Fundamental News

  • The British pound Rises on Brexit Delay Hopes.
  • US-German 10-yr yield spread teasing rising wedge breakdown ahead of Powell testimony.
  • PBOC sets the yuan reference rate at 6.6952.
  • NZ dollar stalls awaiting new impetus.

USDINR found resistance on higher levels showed correction closed around its support.

If continue to trades below its support mark in upcoming session then 71.0000 is act as support below this it is more bearish.

EURINR after correction showed sideways to positive movements closed with gain.

81.0000 is act as strong support level for the currency pair sustaining below this mark it may find next support around 80.7000.

GBPINR showed positive movements and closed with positive bias.

Now, 94.5000 is seen as immediate resistance zone for the currency pair breakout above it may take it towards next resistance of 94.7000.

JPYINR showed correction from higher levels closed with partial gain.

On lower levels 64.4000 is act as strong support for the particular currency pair sustaining below it may drag towards 64.0000 mark.

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