Market Outlook

The rupee depreciated by 2 paise to 69.6000 against the US dollar in opening trade on Thursday as strengthening of the American currency in the overseas market weighed on the local unit. Moreover, rupee is trading in a narrow range as market participants are trading the cautious path amid rising tensions between the US and Iran. On the flip side, the dollar rose to one week highs against the yen amid signs of a truce in the Sino-U.S. trade war, but investors remained wary ahead of a closely watched meeting at the G20 summit this weekend.

Fundamental News

  • Asian stocks cheer trade optimism ahead of G20.
  • US dollar edges up vs yen as some pre-G20 summit jitters ease.
  • China’s Industrial Profits Rose in May After April Slump.
  •  No-deal Brexit would have a very negative impact on Japanese firms in the UK.
  • Germany: HICP inflation to edge a tick lowers to 1.2% in June.

USDINR opened with partial gain unable to sustain on higher levels closed around its support.

63.3000 is seen as immediate support zone for the currency pair sustaining below this mark it may shows more bearish movements towards 69.0000.

EURINR showed sideways to bearish movements closed with negative note.

Sustaining below 79.0000 mark in upcoming session currency pair continue negative movements and find support near 78.5000.

GBPINR after negative movements showed correction closed with negative bias.

If able to continue negative movements then 88.0000 is act as strong support zone for the currency pair below which it is more bearish.

JPYINR opened with negative bias showed sideways to bearish movements closed with loss.

Now, 64.2000 is seen as support for the currency pair breakout below which it may drag towards next support zone of 64.0000.

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