Market Outlook

The rupee rebounded from a five-month low of 71.0900 and appreciated by 22 paise to 70.8625 against the US dollar in early trade on Tuesday amid a positive opening in the domestic equity market. However, foreign fund outflows and rising crude oil prices weighed on the local currency. Besides, the rupee is expected to trade in a narrow range ahead of the outcome of the Reserve Bank of India’s monetary policy review meet scheduled to be released on Wednesday.

Fundamental News

  • Asian stocks stay negative amid broad risk-off.
  • Yuan stabilizes, Aussie firmer on RBA’s status-quo; a quiet session ahead.
  • NZ: Unemployment rate for Q2 decreased to 3.9%.
  • USD/INR risk reversals hit 3.5-year high, point to more pain ahead for INR.
  • Indonesian Consumer Confidence drops further in July, Rupiah unfazed.

USDINR showed correction and found support on lower levels closed with partial gain.

Sustaining above 71.0000 mark in upcoming session currency pair continue bullish movements and find resistance around 71.5000.

EURINR opened with positive bias showed sideways movements closed positive note.

Currency pair continue bullish rally if able to sustain above its immediate resistance of 79.7000 and find next resistance near 80.0000.

GBPINR after correction found support and showed bullish movements closed with positive bias.

86.8000 is seen as strong resistance on higher levels for the currency pair breakout above this mark it may continue positive rally towards 87.0000.

JPYINR unable to sustain on lower levels showed positive movements closed with flat note.

Now, 67.0000 is act as immediate resistance zone sustaining above this level it may shows more bullish movements towards 67.5000 mark.

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