Market Outlook

The rupee opened on a weak note and declined by 8 paise to 69.0650 against the US dollar in opening trade on Wednesday, owing to constant foreign fund outflows and rising crude oil prices. Moreover, weak domestic equities along with a strong US dollar and constant foreign fund outflows have kept the Indian rupee subdued. Meanwhile, the IMF in its World Economic Update on Tuesday estimated a slower growth rate for India in 2019 and 2020, a downward revision of 0.3% for both the years, adding to the pessimism in the markets.

Fundamental News

  • Nikkei hits three-week high, Asian stocks rise on US-China trade developments.
  • Dollar is king again, Boris Johnson becomes PM, and the euro gets critical data.
  • NZ June trade balance arrived as June: 365m (expected +100m) M/M.
  • Japan-South Korea relations are now in a very severe state.

USDINR opened with positive bias unable to sustain closed around its support.

Breakout from its support of trendline, currency pair shows bearish movements and finds next support around 68.7000 below which it is more bearish.

EURINR after negative opening showed bearish movements closed with loss.

Sustaining below 77.0000 mark currency pair shows more negative movements and drag towards its support zone of 76.5000.

GBPINR found support on lower levels showed bullish movements closed with positive note.

Now, 86.0000 is act as immediate support zone for support for currency pair sustaining above this mark it may find resistance near 86.8000.

JPYINR showed sideways to bullish movements after positive opening closed with partial gain.

Currency pair continues positive movements if able to give breakout from its resistance zone of 64.0000 and find next resistance around 64.3000.

(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Your email address will not be published.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 *