Market Outlook

Indian rupee slipped further in today’s session as it test 70.03 level. On May 8 the rupee registered a third consecutive day fall on the back of rising US-China trade worries and a selloff in domestic equity markets. Rupee came under pressure in the latter half of the session as uncertainty related to trade talks between US and China rose. U.S. President Donald Trump said that China “broke the deal” it had reached in trade talks with the US. Trade Representative’s office announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10%.

Rupee came under pressure in the latter half of the session as uncertainty related to trade talks between US and China rose. Yesterday, U.S. President Donald Trump said that China “broke the deal” it had reached in trade talks with the US. The U.S. Trade Representative’s office announced that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10%

Fundamental News

  • Dollar Hits Four-Month High vs Yuan, Aussie on Trade Tension.
  • Vietnam domestic prices hit six-year low, Indonesian premiums rise further.
  • Yen surges to 3-month high on fears of U.S. tariffs.
  • Philippines Economic Growth Slows to Four-Year Low of 5.6%.
  • China Retaliation Risk, Fed Rate Review, Mahathir Fail.

USDINR opened with positive bias closed around its resistance level.

Sustaining above psychological level of 70.0000 give strength to particular currency pair and find resistnace around 70.5000.

EURINR showed sideways to bullish movements closed with gain.

Currency pair continue its positive movements if able to give breakout from immediate resistance and take it towards 79.0000 level.

GBPINR showed correction from its higher levels closed with partial gain.

Now, 91.4000 is seen as strong resistance for the currency pair sustaining above this mark it may continue bullish movements towards 91.7000.

JPYINR showed bullish movements throughout the session closed with positive bias.

On higher level 64.1000 is act as immediate resistance breakout above which it may shows more positive rally and find resistance near 64.3000.

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