Market Outlook

The Indian rupee declined by 11 paise to open at 70.2500 against the United States (US) dollar in opening trade on Friday as crude oil prices firmed up and US-China trade related concerns weighed on investor community. Moreover, besides the US-China trade concerns, foreign fund outflows also kept pressure on the Indian rupee. On the flip side, the U.S. dollar edged down on Friday in Asia but still hovered near a two-week high following the release of robust U.S. housing data and a better-than-expected weekly jobless claims report.

Fundamental News

  • PBOC will not let the Yuan weaken past 7.00 per Dollar.
  • Japan exports to fall for a fifth month in April amid US-China trade escalation.
  • Risk-off returns as US-China trade war intensifies; Eurozone CPI eyed.
  •  Pound Suffers as Johnson Revives Hard Brexit Fears.
  •  U.S. Dollar Hovers Near Two-week High on Strong Data.

USDINR opened with positive bias showed sideways movements closed with gain. Currency pair continue its bullish rally if able to sustain above psychological level of 70.0000 and find resistance around 70.8000.

EURINR showed sideways to bearish movements closed around its support. Immediate support for the currency pair is seen around 78.5000 breakout below this mark it may drag towards 78.0000.

GBPINR found resistance on higher levels showed negative movements closed with loss. On higher levels psychological level of 90.0000 is act as strong resistance for the currency pair below this mark it may continue negative movements.

JPYINR showed sideways to bullish movements closed around its resistance. Sustaining above 64.0000 mark in upcoming session currency pair continue its positive rally and find resistance around 64.7000.

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