Market Outlook

Against the US dollar, the Indian rupee appreciated by 21 paise to open at 71.5400 and traded in the range of 71.6575 and 71.4000 due to easing market sentiment following a statement from the US trade representative. On the flip side, the dollar was under pressure, elbowed off a three-week peak after a bounce in U.S. yields stalled ahead of a global central bankers meeting, at which the Federal Reserve is expected to give clues on further rate cuts.

Fundamental News

  • Asian shares drop ahead of Fed minutes.
  • Canadian CPI to drop sharply in July.
  • UK house prices to fall in six months after no-deal Brexit.
  • Japan to upgrade its estimate of North Korea’s nuclear weapons capability.
  • US Envoy: US is ready to resume talks with North Korea.

USDINR opened with negative bias found support and closed around its resistance.

Sustaining on higher levels currency pair continue bullish movements and find resistance around 72.0000 mark above which it is more bullish.

EURINR after correction unable to sustain on lower levels closed with partial loss.

79.7000 is act as resistance zone for the currency pair breakout above this mark it may continue bullish movements towards 80.0000.

GBPINR opened with positive bias showed correction and closed with gain.

Currency pair continue its bullish movements if able to sustain above resistance of 87.0000 above which it may find resistance near 87.4000.

JPYINR after negative opening found support on lower levels closed with loss.

If able to sustain above 67.0000 mark currency pair shows positive movements and find resistance around 67.5000 above which 67.7000 is strong resistance.

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