Market Outlook

The Indian rupee appreciated by 25 paise to open at 70.9550 against the dollar and has now gained for four consecutive trading sessions, building a bullish momentum. The dollar faced a considerable selling pressure over the past week. The dollar index is currently hovering around a key support of 97. If selling momentum continues, it could weaken to 96.4; whereas a recovery from current level could see it rise to 98 while euro was holding steady after hitting a two-month high against the U.S. dollar in the previous session.

 

Fundamental News

  • Asian stocks follow Wall Street amid trade-positive sentiment.
  • Critical vote on Brexit, mixed messages on trade talks, Trudeau returned as Canadian PM.
  • US-China trade tensions impacted on Thailand’s exports.
  • China asks WTO for $2.4bn sanctions against US in latest clash – Nikkei.

USDINR

USDINR after negative opening showed sideways movements closed with negative note. Sustaining below 71.0000 mark currency pair shows more bearish movements and find support around 70.5000. On higher levels 71.3000 is resistance for it.

EURINR

EURINR after correction found resistance and closed around its support. If able to sustain below its immediate support of 79.0000 currency pair drag towards its strong support zone of 78.5000.

GBPINR

GBPINR after positive opening showed correction found support and closed around its resistance. Currency pair continue bullish rally if able to sustain above its resistance zone of 92.0000 and find next resistance near 92.5000.

 

JPYINR

JPYINR showed sideways movements after negative opening closed with loss. 65.0000 is seen as strong support zone for the currency pair if continue bearish movements then find support around it, whereas 65.8000 is act as resistane for it.

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