Market Outlook

Against, the US dollar the Indian Rupee deprecated by 12 paise to open at 68.9400. Moreover, after most emerging market currencies fell sharply on heightened global tensions, the RBI ikely intervened in the foreign exchange market to support the rupee on Friday.

On contrary, dollar rose to a 13-Month high and boosted by growing global trade tensions and strained geopolitical relationships. Apart from this, the euro fell to its weakest since July 2017, while the pound dropped to its lowest in a year.

Fundamental News

  • United Kingdom Total Trade Balance came in at £-1.861B, above forecasts £-2.5B in June.
  • France Industrial Output (MoM) registered at 0.6% above expectations 0.5% in June.
  • Japan Tertiary Industry Index (MoM) below expectations -0.2% in July: Actual -0.5%.

USDINR showed positive movements and closed with positive bias.

Currency give closing around its psychological level of 69.0000 if sustain above it then continue bullish rally towards next resistance.

EURINR showed sharp negative movements and closed with loss.

If continue negative movements then immediate support is seen around 79.0000 below which it is more bearish and may find support near 78.7000.

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