Market Outlook

The rupee appreciated by 7 paise to open at 68.7000 against the US dollar in opening trade on Monday, driven by a positive opening in domestic equities and easing crude oil prices. However, foreign fund outflows weighed on the domestic currency and restricted the upmove. On the flip side, the dollar was a touch lower against the euro and yuan to start the week in Europe, after slightly better-than-expected economic data out of China eased concerns a little over the global economic slowdown.

Fundamental News

  • Asian Markets Mostly Lower As Investors Digest China Data.
  • China economy reports lowest GDP growth on record for second quarter as US trade war bites.
  • U.S. manufacturers move production from China as tariff tensions continue.
  • Turkish Lira under pressure after Fitch downgrades Turkey to junk.

USDINR opened with negative bias showed sideways to bearish movements closed with loss.

Currency pair continue negative rally if able to sustain below its immediate support zone of 68.4000 and find next support around 68.2000.

EURINR showed sideways movements throughout the session closed with flat note.

Now, 77.6000 is act as storng resistance zone for the currency pair sustaining below this it may find support near 77.3000.

GBPINR unable to sustain on higher levels showed correction closed with negative bias.

If able to sustain on lower levels currency pair shows bearish movements in upcoming session and finds support around 85.7000.

JPYINR showed sideways to positive movements closed with gain.

On higher levels 64.0000 is seen as strong resistance level sustaining below this mark it may shows negative movements towards 63.2000.

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