Market Outlook

On Friday, the Indian rupee opened flat at 69.3725 against the US dollar, driven by positive opening in domestic equities and easing crude oil prices. Rupee is trading in a narrow range as forex traders took a cautious approach ahead of the G20 Summit, which is taking place amidst ongoing US-China trade tiff and rising tensions in the Middle East. On the other hand, the dollar was quiet in a narrow range against most currencies in early trading in Europe Friday.

Fundamental News

  • Asian stocks dip on caution ahead of Trump-Xi meeting.
  • NZ: Surge in consumer confidence in June.
  • Australia: Housing credit growth at a new low.
  • Yuan in Spotlight as Global Gauge of Stress as G-20 Starts.
  • Johnson Keeps Option of Suspending Parliament for No-Deal Brexit.

USDINR after negative movements found support and closed with partial loss.If able to sustain on higher levels then currency pair shows some positive movements and find resistance around 69.8000 level.

EURINR found support on lower levels closed above trendline acting as resistance. Currency pair shows bullish movements if sustain above its immediate resistance of 79.1500 and find next resistance near 79.5000.

GBPINR opened with negative bias showed correction closed with loss.88.0000 is act as crucial zone for the currency pair below which it may find support around 87.7000. On higher levels 88.5000 is act as strong resistance.

JPYINR opened with partial gain showed correction and closed with flat note. Currency pair continues its bearish movements if able to break its immediate support and find next support around 64.0000.

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