Market Outlook

Against the US dollar, the Indian rupee opened at 71.0400 as indications of a earlier than expected US-China trade deal strengthened investor sentiments. Investor confidence improved after US President Donald Trump said that trade deal with China could happen sooner than expected. Moreover, weakening of the American currency vis-a-vis other currencies overseas also supported the rupee. Market participants, however, said sustained foreign fund outflows and rising crude oil prices weighed on the local currency.

Fundamental News

  • Japan: Trade deal signed with the US.
  • RBNZ expected to remain on hold the rest of 2019.
  • Asian stocks: Mildly bid as trade optimism confronts political uncertainty.
  • Dollar is King amid Trump’s troubles and trade uncertainty ahead of US GDP.

USDINR opened with partial loss showed sideways movements closed around its support.

71.0000 is seen as immediate support for the currency pair sustaining below this mark it may shows more negative movements towards 70.7000.

EURINR after negative opening showed bearish movements closed with bearish note.

Currency pair continue its negative trend if able to sustain below 78.0000 mark and find support around 77.5000. On higher levels 78.3000 is resistance.

GBPINR showed bearish movements and closed with negative bias.

Now, 88.0000 is act as crucial zone for the currency pair sustaining below this mark it may continue bearish movements towards 87.5000.

JPYINR showed sideways movements after negative opening closed with loss.

If able to sustain below support zone of 66.0000 in upcoming session currency pair shows more bearish movements towards 65.7000.

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