Market Outlook

Against the US dollar, the Indian rupee appreciated by 12 paise to open at 71.1600 as easing trade tensions between US and China strengthened investor sentiments. Moreover, fall in global crude oil prices and fresh foreign fund inflows also enthused investors. China welcomed US President Donald Trump’s “goodwill” gesture to postpone a planned tariff hike on Chinese products, as the two countries warmed up to each other ahead of next month’s talks to end their bruising trade war.

Fundamental News

  • USD/INR: Indian rupee hits highest since Aug 14.
  • Japanese firms’ profits increasingly hit by trade war.
  • China State Council: Will exclude some agricultural products including soybeans and pork from additional tariffs on US goods.
  • Wall Street notches another positive close, DJIA 45 points higher, up 0.2%.

USDINR found resistance on higher levels closed around its support.

Sustaining below 71.0000 mark currency pair continue its bearish movements and find support around 70.5000. On higher levels 71.3000 is resistance for it.

EURINR found support and showed bullish movements closed with gain.

Currency pair continue its bearish movements if able to sustain below 79.0000 level and drag towards its support zone of 78.4000.

GBPINR unable to sustain on lower levels showed bullish movements closed with positive note.

89.0000 is seen as strong resistance zone for the currency pair sustaining above this mark it may shows more positive movements towards 89.5000.

JPYINR opened with negative bias showed correction closed with loss.

Now, 65.7000 is seen as immediate support zone for the currency pair breakout below this mark it may shows more bearish movements.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *