Market Outlook

Against the US dollar, the Indian rupee opened flat at 71.8800 and throughout the day traded in the range of72.0875 and 71.5925. A recovery in equity markets on the buzz that the government may consider relaxation to FPIs from the super-rich tax helped the local currency cut losses. On the flip side, the dollar was broadly higher in early trading in Europe Friday in generally quiet trading ahead of a keenly-awaited speech by Federal Reserve Chairman Jerome Powell at 10 AM ET (1400 GMT).

Fundamental News

  • US Dollar gaining ground on higher yields ahead of Powell speech
  • RBNZ and IMF join efforts on the future of inflation targeting
  • Japan’s industrial output to stage a modest rebound in July
  • Canadian Govt doc: EU set to halt imports of Canadian cherries, other fruits.

USDINR unable to sustain on higher levels showed correction closed around its support. If able to sustain below its immediate support currency pair continue negative movements and find next support around 71.0000.

EURINR showed bearish movements throughout the session closed with loss. Sustaining above support of 79.0000 currency pair shows positive movements towards its resistance zone of 79.6000 above which it is more bullish.

GBPINR opened with positive bias showed correction closed with gain. 87.0000 is act as support on lower levels sustaining above this mark it may continue bullish movements and find resistance around 88.0000.

JPYINR after breakout from its support showed bearish movements closed with negative note. Currency pair shows bullish movements if able to sustain above its resistance level of 67.5000 and find next resistance near 67.8000.

 

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