Market Outlook

The rupee opened on a cautious note at 68.9575 against the US dollar in early trade on Monday amid heavy selling in domestic equities and rising crude oil prices. Moreover, strengthening of the greenback vis-a-vis other currencies overseas and foreign fund outflows weighed on the local unit. On the other side, the dollar drifted higher on Monday as investors tempered their expectations for deep U.S. interest rate cuts this month and heightened Middle East tensions supported safe-haven assets.

Fundamental News

  • Asian stocks drop on falling odds of aggressive Fed easing.
  •  USD cheers Fed’s policy repricing, Gulf tensions rise, and Oil surges.
  • China to impose anti-dumping tax on stainless steel from EU, Japan and other Asian countries.
  • Australia CBA business spending index drops for fourth consecutive month.

USDINR showed sideways movements after positive opening closed with gain.

If able to sustain below 69.0000 mark in upcoming session currency pair shows some correction towards its support of 68.5000.

EURINR after positive opening showed sideways movements closed with partial loss.

Currency pair continues its bearish movements if sustain below its immediate support and drag towards next support of 77.0000.

GBPINR found resistance and showed bearish movements closed with negative bias.

86.0000 is seen as crucial zone for the currency pair sustaining below this mark it may shows negative movement towards 85.5000.

JPYINR after correction found resistance on higher levels closed around its support.

Now, sustaining below 64.0000 mark currency pair shows negative movements and find next support around 63.5000 below which it is more bearish.

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