Market Outlook

The rupee opened on a cautious note at 69.1600 against the US dollar in early trade on Tuesday amid strengthening of the greenback against other currencies overseas, even as crude oil prices eased. The rupee is expected to trade in a narrow range as market participants will keep a close watch on the Union budget this week that could trigger volatility in the local unit. The U.S. dollar slipped on Tuesday in Asia despite a trade truce between the U.S. and China. The Aussie dollar gained after the Reserve Bank of Australia (RBA) cut interest rates.

Fundamental News

  • Asian stocks wobble amid RBA’s rate cut, doubts over trade truce/global economy.
  • Industrial producer prices down by 0.1% in euro area.
  • Reserve Bank of Australia (RBA) Rate Cut to Rattle AUDUSD Rebound.
  • UK construction PMI drops to 43.1 in June, steepest decline since April 2009 (GBP holds weaker).

USDINR after correction unable to sustain on higher levels closed with partial loss.

69.0000 is still act as immediate support zone for the currency pair sustaining below this mark it may find support around 68.8000.

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

78.2000 is seen as support for the currency pair breakout below this mark it may drag towards its strong support zone of 78.0000.

GBPINR showed bearish movements throughout the session closed with negative bias.

If able to continue negative movements in upcoming session then currency pair find next support around 87.0000 level below which it is more bearish.

JPYINR found support on lower levels showed correction closed with loss.

Immediate support for the currency pair is seen around 63.9000 sustaining below this mark it may shows bearish movements towards 63.5000.

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