Market Outlook

Against the US dollar, the Indian rupee flat at 71.5625 and throughout the day hovered in the range of 71.5625 and 71.1500 after the Reserve Bank of India cut the repo rate and changed its policy stance to ‘neutral’. Moreover, the surprise rate cut by the RBI, weakening of the US dollar as against other currencies overseas and easing crude prices supported the local unit. On the flip side, dollar was holding close to two week highs after a report downplaying the chances of the US and China ending their trading war.

Fundamental News

  • The Reserve Bank of Australia slashed its GDP growth forecast for the year through June to 2.5% from 3.25% previously
  • The euro was on track for its biggest weekly drop in four months as data showed an economic slowdown in Europe was spreading, pulling government bond yields lower.

USDINR after negative movements showed some correction closed with bearish note.Currency pair found support around its psychological level if able to sustain above it then continue bullish movements towards 72.0000.

EURINR showed correction after negative opening and closed with loss.If able to sustain below 81.0000 mark in upcoming session then shows more negative movements and find support around 80.5000.

GBPINR after correction found support on lower levels showed positive movements closed with gain.If break its immediate resistance and sustaining above this level give strength to particular currency pair find resistance near 93.0000.

JPYINR broke its strong support level and able to close around it.Now, sustaining below 65.0000 mark may drag it towards support zone of 64.8000 below which it may find support around 64.6000.

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