Market Outlook

The rupee slumped 61 paise to open at 70.3300 against the US dollar on Monday, tracking the weak opening in the domestic equity market and unabated foreign fund outflows. The massive decline in the Indian rupee was largely a knee jerk reaction to the slump in the Chinese currency after China’s central bank allowed currency depreciation after the US decision to impose new tariffs on Chinese goods. On the global front, the Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trade on Monday.

Fundamental News

  • China strikes back with yuan devaluation, yen surges, commodity currencies crash.
  • Indonesia’s GDP expands 5.17% y/y in Q2, beats estimates – USD/IDR keeps 7-week highs.
  • AUD/USD prints 7-month lows on Yuan slide, China data disappoints expectations.

USDINR after positive opening showed bullish movements closed around its resistance.

If able to continue positive movements then currency pair find resistance around 71.2000 above which 71.5000 is act as next resistance for it.

EURINR opened with positive bias showed bullish movements closed with gain.

Now, 79.6000 is seen as immediate resistance zone for the currency pair sustaining above this mark it may continue bullish rally.

GBPINR after breakout from its resistance showed bullish movements closed with positive bias.

Currency pair shows more positive movements if able to continue trades above its resistance zone of 86.7000 above which it is more bullish.

JPYINR showed sideways to bullish movements closed with positive note.

Sustaining above 67.0000 mark in upcoming session currency pair shows more bullish movements and find resistance near 67.5000.

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