Market Outlook

The Indian rupee opened flat at 71.1250 against the US dollar as investor sentiment got a lift after US President Donald Trump said a trade deal with China could happen sooner than expected. Robust buying in domestic equities, fresh foreign fund inflows and easing crude oil prices also lent support to the domestic unit. On the flip side, the dollar stood tall on Friday, holding near multi-week highs against most major currencies as heightened risks from political tensions to the Sino-U.S. trade war increased its safe-haven luster.

Fundamental News

  • Asian stocks fail to cheer trade-positive headlines amid political pessimism.
  • EUR/USD continues digging down, Trump and Johnson struggle, US data eyed.
  • Japan big manufacturers’ confidence to hit 6-1/2-year low.
  • NZ: Consumer Confidence falls in September.

USDINR

USDINR showed bearish movements after breakout from its support and closed on lower note. Sustaining below 71.0000 mark in upcoming session currency pair continue negative movements and find support around 70.3000.

EURINR

EURINR opened with negative bias showed bearish movements closed around its support. Immediate support for the currency pair is seen around 77.5000 breakout below this mark it may shows more bearish movements.

GBPINR

GBPINR showed sharp bearish rally after breakout from its support and closed with negative bias. Curency pair continue bearish movements if able to sustain below 87.0000 mark and drag towards its next support zone of 86.7000.

JPYINR

JPYINR find resistance and showed bearish movements and closed with negative note. Now, 65.4000 is seen as immediate support for the currency pair if able to break it in upcoming session next support is seen around 65.2000.

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