Market Outlook

Against US dollar, the Indian rupee opened flat at 71.0400 on Thursday, a day after the Reserve Bank of India cut the key interest rate by 35 basis points. This is the fifth straight session of loss for the domestic currency, during which it has lost a hefty 210 paise. On the flip side, the dollar was holding steady against a currency basket on Thursday, as strong Chinese export figures and a move by Beijing to limit a decline in the yuan calmed investor nerves over the renewed escalation in the U.S.-China trade war.

Fundamental News

  • Asian stocks: Bulls cheer China data despite looming trade/political uncertainty.
  • RBNZ surprised markets by reducing rates to 1.00%.
  • Indonesia’s retail sales drop 1.8% y/y in June – BI Survey (USD/IDR extends correction).
  • Yuan fixed below 7.00 for first time since 2008; a quiet session ahead.

USDINR found resistance on higher levels and showed correction closed with negative bias.

Now, 71.0000 is seen as strong resistance on higher levels below this mark it may shows more correction towards 70.3000.

EURINR after positive movements unable to sustain and closed with loss.

Sustaining above 79.5000 mark in upcoming session currency pair continue bullish movements and find resistance near 79.8000.

GBPINR showed correction from higher levels and closed with negative note.

86.0000 is act as crucial zone for the currency pair sustaining above this level it may shows positive movements towards 86.5000.

JPYINR showed volatile movements found support on lower levels closed with partial loss.

On higher levels 67.0000 is act as strong resistance for the currency pair breakout above this mark it may continue bullish rally.

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