Market Outlook

The rupee opened with partial loss against the US dollar in opening trade after that it gain by 14 paise driven by easing crude oil prices and weakening of the US dollar in the overseas market but unable to hold it and showed sideways movements closed with flat note on Tuesday. The dollar weighed down from last few sessions as expectation from the Federal Reserve to cut rates in near future. Also on Monday US President Donald Trump said the Federal Reserve’s reluctance to cut interest rates was standing in the way of economic expansion.

Fundamental News

  • Dollar slips on Fed prospects; safe-haven Swiss franc, gold shine.
  • Exchange Rate Flat for Pound Sterling Canadian Dollar as Johnson Needs EU Co-Operation to Avoid No-Deal Brexit.
  • GBPAUD Rises as ‘Aussie’ Traders Await US-China Trade Talks.
  • German yields hits new record low as bond rally continues.
  • UK June CBI retailing reported sales -42 vs -5 expected.

USDINR after correction showed sideways movements closed with flat note.

If able to sustain above its support zone of 69.2000 then currency pair shows some positive movements towards resistance of 69.8000.

EURINR unable to sustain on higher levels closed with negative bias.

79.0000 is act as crucial level for the currency pair opening below this mark it may drag towards its support level of 78.5000.

GBPINR found support on lower levels showed positive movements closed with partial loss.

Now, 88.7000 is seen as strong resistance for the currency pair breakout above this mark it may shows more bullish movements. 

JPYINR after positive opening showed sideways movements closed with gain.

Currency pair continue positive movements if sustain above its immediate resistance zone of 65.0000 and find next resistance near 65.3000.

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