Market Outlook

Against the US dollar, the Indian rupee opened flat at 69.5850, driven by a higher opening in domestic equities. Moreover, the local currency also gained strength amid a weakening of the greenback in overseas markets. However, rising crude oil prices and sustained foreign fund inflows weighed on the domestic currency and restricted the upmove. On the flip side, the dollar moved higher against major Asian peers amid indications that global trade tensions are easing but gains were held in check by expectations for lower U.S. interest rates.

Fundamental News

  • Aussie dips as China imports contract.
  • China’s May forex reserves rise unexpectedly to $3.1 trillion.
  • Indonesia inflation: Higher on food prices.
  • UK GDP sees downside risks with a decline of 0.3% m/m in April.
  • ¬†Mexican Peso Jump 2% on Deal to Avoid U.S. Tariffs.

 USDINR opened with partial loss found support and closed with positive note. Now, 70.0000 is seen as strong resistance for the currency pair if able to sustain below this mark currency pair shows correction towards 69.3000.

EURINR opened with positive bias showed bullish movements closed with positive bias. Currency pair continue its positive rally if able to sustain above resistance level of 79.2000 and find next resistance near 79.5000.

GBPINR found resistance on higher levels showed correction closed with partial loss. 88.7000 is seen as immediate resistance for the currency pair breakout above this mark it may continue bullish rally towards 89.0000.

JPYINR opened with negative bias showed correction closed with partial gain. If sustain on lower levels then 64.0000 is seen as support zone for the currency pair below this mark it may shows more negative movements.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *