Market Outlook

The rupee depreciated by 19 paise to open at 69.2675 and throughout the day hovered in the range of 69.5600 and 69.1675 against the US dollar owing to increased demand for the greenback from importers and banks. Moreover, strengthening of the greenback vis-a-vis other currencies and rising crude oil prices in overseas market added pressure to the domestic unit. However, foreign fund inflows and higher opening in domestic equity market restricted the fall in the local unit.

Fundamental News

  • Euro lifted to two-and-a-half-week high by speculative flows linked to cross-border deal
  • China’s 2019 growth to slow to 6.2% despite policy support
  • Japan’s Aso urged G20 to strengthen global coordination
  • Turkey’s lira remained under pressure after another drop in the country’s foreign exchange reserves.

USDINR after positive movements showed correction closed with gain.

69.0000 is act as strong support for the currency pair showed correction and continue positive movements towards 69.8000 mark.

EURINR showed positive movements throughout the session closed around its resistance.

If able to sustain on higher levels then 79.0000 is act as strong resistance zone for the currency pair. On lower levels 78.4000 is immediate support for it.

GBPINR showed sideways movements after positive opening closed with positive bias.

Currency pair continue its bullish movements if sustain above its immediate resistance of 91.0000 and find next resistance around 91.2000.

JPYINR opened with negative bias after correction found resistance closed on lower note.

Sustaining below 62.0000 mark in upcoming session currency pair shows negative movements towards 61.5000 level.

   (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Your email address will not be published.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 *