Market Outlook

The rupee opened on a weak note and declined by 5 paise to 68.9000 against the US dollar in opening trade on Tuesday, amid sustained foreign fund outflows and rising crude oil prices. Moreover, market participants are not very hopeful about large-scale easing by the Reserve Bank, following the RBI Governor Shaktikanta Das’s statement, wherein he said a change in the monetary policy stance effectively equates to an additional 25-bps rate cut. However, a positive opening in domestic equities supported the local unit and restricted the fall.

Fundamental News

  • Asian stocks rise, Shanghai Composite recovers from one-month lows.
  •  King dollar rules in Asia, eyes on new UK PM announcement.
  • US sanctions Chinese oil buyer over alleged Iran violations.
  • China launches anti-dumping investigation on imported propanol and other related products from US.

USDINR found resistance on higher levels closed around its support.

Sustaining below its immediate support level currency pair shows bearish movements and find next support around 68.7000.

EURINR opened with partial loss showed bearish movements closed with negative bias.

Now, 77.0000 is seen as strong support zone for the currency pair if shows negative movements then find support around it.

GBPINR after negative movements found support and closed with partial gain.

If able to sustain below 86.0000 mark in upcoming session then currency pair shows bearish movements towards its support of 85.7000.

JPYINR gave breakout of its support level and closed with negative note.

Currency pair shows more bearish movements if sustain below 63.8000 and find next support around 63.5000. On higher levels 64.0000 is resistance for it.

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