Market Outlook

Against the US dollar, the Indian Rupee appreciated by 13 paise to open at 72.0025 and throughout the day swing in the range of 72.1950 and 71.8050. Moreover, the dollar’s weakness against major Asian peers and strong domestic bourses supported the Rupee. On contrary, Dollar was traded lower against major currencies, as market participants waited to see if the White House would impose additional tariffs on another $200 billion worth of Chinese goods to China. On the trade front, the US and Canada continued high-stakes negotiations in the effort to revamp the North American Free Trade Agreement.

Fundamental News

  • Austria Trade Balance: €-146.2M (June) vs €-711.9M.
  • European Monetary Union Gross Domestic Product s.a. (YoY) below expectations 2.2% in 2Q: Actual 2.1%.
  • United Kingdom Halifax House Prices (MoM) above forecasts -0.3% in August: Actual 0.1%.

USDINR found resistance on higher levels showed correction closed with loss.
If open below its immediate support mark of 71.8000 then more correction can be seen in it towards 71.5000 level. On higher levels 72.3000 is act as resistance.

EURINR showed negative movements throughout the session closed with negative bias.
Currency pair shows more negative movements if sustain below its support level of 83.5000 and drag towards its next support of 83.3000.

GBPINR showed volatile trading session able to closed above its resistance.
Sustaining above 93.4000 level shows strength in particular currency pair and continue bullish rally towards its next resistance level of 94.0000.

JPYINR showed correction after positive opening and closed with flat note.
Form strong reversal pattern on daily charts if open below 64.8000 in upcoming session then drag towards its support zone of 64.2000.

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