Market Outlook

The rupee opened on a weak note and declined by 8 paise to 71.1550 against the US dollar in opening trade on Monday, as sustained foreign fund outflows weighed on investor community. Moreover, rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency. However, easing crude oil prices supported the rupee and restricted the downfall. Brent crude futures, the global oil benchmark, eased 0.27 per cent to USD 58.21 per barrel.

Fundamental News

  • Asian stocks mostly higher after US jobs data focus on trade talks.
  • Japanese Govt downgrades its view on the economy to ‘worsening’, flags recession risks.
  • Thailand: Normalization of loan bond supply to start in Q1.
  • China limits scope for talks, EU skeptical on Brexit, and Trump’s troubles mount.

    USDINR

    USDINR after positive opening showed correction closed with positive note. Currency pair sustained above its crucial zone of 71.0000, if shows positive movements then 71.5000 is act as resistance for it.

EURINR

EURINR after correction found support on lower levels closed around its resistance. Now, 78.5000 is seen as immediate resistance for the currency pair sustaining above this mark 78.8000 is act as next resistance.

GBPINR

GBPINR unable to sustain on lower levels closed with partial gain. On higher levels 88.0000 is seen as strong resistance zone for the currency pair breakout above this mark it may find next resistance around 88.3000.

JPYINR

JPYINR showed correction from higher levels closed with flat note. If able to sustain on higher levels currency pair find resistance around 67.0000 mark above which it may shows more bullish movements.

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