Market Outlook
The Indian Rupee depreciated by 11 paise to open at 68.3400 and hit a 19-month low of 68.5625 against the US dollar on account of strong month-end dollar demand from importers and banks amid persistent foreign capital outflows. On the flip side, against basket of currencies, the dollar slipped as Investors are worried that trade tensions between the US and major partners such as China and the EU could develop into a big drag on the global economy.

Fundamental News
• European Monetary Union M3 Money Supply (3m) fell from previous 4% to 3.9% in May.
• Italy Business Confidence in line with expectations (106.9) in June.
• United Kingdom Nationwide Housing Prices s.a (MoM) came in at 0.5%, above forecasts (0.3%) in June.

USDINR showed bullish movements sustain on higher levels closed with gain.
Psychological level of 69.0000 is act as strong resistance for the currency pair above which it may find next resistance around 69.2000.

EURINR showed sideways to positive movements showed correction closed with partial gain.
Closed above its psychological resistance of 80.0000 suggesting strength in the currency and may shows more bullish movements if sustain above it.

GBPINR after positive opening showed sideways movements closed around its resistance.
Opening above its immediate resistance may give positive strength to the currency pair and shows bullish rally towards 91.5000. On lower side 90.5000 is support for it.

JPYINR showed correction after positive movements closed around its support.
Currency pair sustain below trendline acting as support form consolidation, if open below it than correction can be seen in it towards 62.5000.

(Click to submit your details) Just one step to get best trading tips and Recommendation

Leave a Reply

Your email address will not be published. Required fields are marked *