Market Outlook

The rupee opened on a weak note and declined by 7 paise to 68.90 against the United States (US) dollar in opening trade on Tuesday, amid sustained foreign fund outflows and rising crude oil prices. The rupee is trading in a narrow range as market participants are awaiting cues from the Federal Open Market Committee (FOMC) meeting on July 31. Besides, market participants are also looking forward to the US and China trade talks, which can impact rupee movement.

Fundamental News

  • Asian stocks: Buyers sneak in as Shanghai talks set to begin, BOJ remains dovish.
  • GBP rout extends, Dollar advances; eyes on Brexit news, German data.
  • BOJ’s Kuroda: Inflation remains weak despite tight labour market, USD/JPY keeps lows.
  • US GDP hurt by trade uncertainties.
  • US firms see little clarity on Huawei as US-China talks resume

USDINR gave false breakout on lower levels showed correction closed with partial gain.

On higher levels 69.5000 is seen as strong resistance level if shows positive movements then find resistance around it below this mark its in weak territory.

EURINR after positive opening showed bullish movements closed around its resistance.

Sustaining above its immediate resistance of 77.2000 currency pair shows positive movements and find next resistance around 77.5000.

GBPINR opened with negative bias showed correction and closed with loss.

84.5000 is seen as strong resistance zone for the currency pair sustaining below this mark it may continue bearish movements towards 83.5000.

JPYINR showed correction from its support and closed with gain.

On higher levels 64.0000 is still seen as strong resistance zone for the currency pair below this level it may shows bearish movements.

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