Market Outlook

The rupee appreciated by 5 paise to 69.9375 against the US dollar on Tuesday, driven by the positive opening in domestic equities and easing crude prices. Selling of the American currency by exporters and fall in crude oil prices supported the rupee. However, foreign fund outflows weighed on the domestic currency. The dollar weakened against its rivals, heading back towards a recent three-month low before a U.S. central bank meeting gets underway with expectations growing the Fed will signal its first rate cut in a decade.

Fundamental News

  • Pound at 5-1/2 Month Lows on Fears of No-Deal Brexit.
  • German ZEW Economic Sentiment dives to -21.1 in June, a huge miss (EUR extends losses).
  • Indonesia: Bank Indonesia likely to maintain status quo.
  • The ZEW Indicator of Economic Sentiment Stands at minus 21.1 points.

USDINR unable to sustain on higher levels closed with negative note.

Psychological level of 70.0000 is act as strong resistance for the currency pair sustaining below this mark it may shows more bearish movements.

EURINR showed negative movements from higher levels closed around its support.

78.0000 is seen as immediate support for the currency pair breakout below this level continue negative movements towards 77.7000.

GBPINR opened with negative bias showed bearish movements closed with loss.

Currency pair continues its negative movements towards support zone of 87.0000 below which it it more bearish. On higher levels 87.8000 is strong resistance.

JPYINR after positive opening showed correction closed with partial gain.

On upward side 64.7000 is act as resistance if able to break this level currency pair shows bullish movements towards 65.0000.

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