Market Outlook

Against the US dollar, the Indian rupee opened flat at 71.0775, as rising crude oil prices and concerns regarding US-China trade war kept investors edgy. Moreover,  US is likely to ramp up pressure on China by raising existing tariffs if a trade deal is not reached soon between the two countries, weighed on the domestic currency. Meanwhile, foreign fund inflows, weakening of the American currency vis-a-vis other currencies overseas and higher opening in domestic equity market supported the domestic currency.

Fundamental News

  • Asian stocks exchange gains with losses amid trade/geopolitical uncertainty, Japanese holiday.
  • EUR/USD hits weekly lows sub-1.10 as German Flash Manufacturing PMI surprises negatively with 41.4.
  • US Trump and UK Johnson to meet on Thursday to discuss lightning speed trade-deal.

USDINR showed sideways movements throughout the session closed with partial loss.

If able to sustain above 71.0000 mark in upcoming session then currency pair continue positive movements towards resistance of 71.5000.

EURINR after breakout from its support showed bearish movements closed with loss.

Now, 78.0000 is act as crucial zone for the currency pair sustaining below this mark it may shows negative movements towards 77.5000.

GBPINR showed bearish movements and closed with negative bias.

On lower levels 88.0000 is seen as strong support for the currency pair breakout below this level 87.8000 is seen as next support for it.

JPYINR after correction found support on lower levels closed with gain.

Currency pair continue its positive movements if able to sustain above its immediate resistance and take it towards 66.6000 mark.

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