Market Outlook

The Indian rupee depreciated by 2 paise to open at 69.0000 and throughout the day swing around in the range of 69.0100 and 68.7875 against the US dollar. The weakening of the US dollar against some currencies overseas and a higher opening in domestic equity market supported the local unit. On the flip side, dollar rebounded modestly after global markets recoiled on Monday in the wake of an inversion in the U.S. Treasury yield curve, which has signaled a recession in the past.

Fundamental News

  • The New Zealand dollar is little changed ahead of tomorrow’s review of the official cash rate by the Reserve Bank.
  • US dollar bounces vs yen as risk aversion eases, Brexit saga checks pound.
  • Canadian Foreign Minister says U.S. metals tariffs raise questions among many Canadians about ratification of new USMCA trade deal.

USDINR

USDINR opened with partial loss showed sideways movements closed around its support. Now, sustaining below 69.0000 level in upcoming session may drag particular currency pair towards its next support of 68.7000.

EURINR

EURINR found support on lower levels showed correction closed with flat note. If able to sustain on higher levels then it may shows positive movements towards its resistance zone of 79.0000. On lower levels 78.3000 is strong support for it.

GBPINR

GBPINR after correction showed positive movements closed around its resistance. 92.0000 is seen as immediate resistance level for the currency pair sustaining above this mark it may shows more bullish movements towards 92.3000.

JPYINR

JPYINR showed sideways to bearish movements closed with negative bias. On higher levels 63.2000 is act as strong resistance zone for it, if able to sustain below this mark it may drag towards support of 62.5000.

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