Market Outlook

The rupee opened weak at 69.7000 against the US dollar on weak opening in domestic equities and foreign fund outflows. Besides, strength in dollar against some major rival currencies, foreign fund outflows and heavy selling in domestic equities also kept pressure on the Indian rupee, dealers said. However, easing crude oil prices supported the rupee and restricted the downfall. On the global front, the Trump administration removed India from its currency monitoring list of major trading partners.

Fundamental News

  • Asian stocks drop with treasury yields hitting 20-month lows.
  • India intends to resume oil imports from Iran.
  • Australia: Soft Q1 GDP justifies June RBA cut.
  • Yuan Edges Down; Huawei’s Legal Action against U.S. in Focus.
  • China central bank makes biggest daily net OMO injection in over four months.

USDINR showed positive movements and closed above its psychological level.

If able to sustain on higher levels then currency pair shows bullish movements towards its resistance level around 70.3000.

EURINR found resistance on higher levels showed correction closed with partial loss.

Immediate resistance for the currency pair is seen around 78.5000 sustaining above this mark it may find next resistance near 79.0000.

GBPINR unable to sustain on higher levels showed correction and closed around its support.

Currency pair shows more bearish movements in upcoming session if able to sustain below its immediate support mark of 88.5000.

JPYINR opened with positive bias and showed bullish movements closed with gain.

64.0000 is act as support zone for the currency pair sustaining above this mark it may continue positive rally towards 64.5000.

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