Market Outlook

Against the US dollar, the Indian rupee opened 30 paise higher at 70.0500 but soon it capped all the gains due to rising oil prices, which led to greater demand for the US dollar, put pressure on the Indian rupee.On macro front, India’s GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years. Moreover, the dollar eased against some of its peers, as hopes of progress in the Sino-U.S. trade dispute boosted commodity-linked and riskier currencies.

Fundamental News

  • According to provisional calculations, the Swiss National Bank (SNB) will report a loss in the order of CHF 15 billion for the 20 18 financial year.
  • Japanese government bond yields rose as hopes that Washington and Beijing might be on track to reach a deal on trade boosted risk appetite, denting the allure of debt.

USDINR found support on lower levels showed bullish movements closed with positive note.
If able to sustain on higher levels then 71.0000 is seen as strong resistance zone for the currency pair. On lower levels 70.3000 is act as immediate support.

EURINR openen with partial gain showed positive movements closed with gain.
Sustaining above 81.0000 mark in upcoming session may leads it towards next resistance zone of 81.5000 above which it is more bullish.

GBPINR after positive movements showed correction closed around its support level.
Currency pair shows more correction if able to sustain below support zone of 89.5000 below which it may drag towards 89.2000 mark.

JPYINR showed sideways to positive movements throughout the session closed around its resistance.
Now, 65.2000 is act as strong resistance zone for the particular currency pair breakout above this level may find next resistance near 65.5000.

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