Market Outlook
The Indian Rupee opened at 68.8250 and hovered in the range of 69.0675 and 68.8250 against US dollar ahead of RBI’s monetary policy review beginning today. Domestic sentiment weighed down due to fresh month-end demand for the US currency from importers and the dollar’s strength against some currencies overseas. On contrary, against basket of other major currencies, the dollar remained steady as market participants positioned ahead of a number of key central banks meetings this week that could help determine near-term market direction for currencies.

Fundamental News
• European Monetary Union Economic Sentiment Indicator above expectations 112 in July: Actual 112.1.
• United Kingdom M4 Money Supply (YoY) down to 1.7% in June from previous 1.8%.
• United Kingdom Consumer Credit came in at £1.567B, above forecasts £1.3B in June.

USDINR showed sideways movements throughout the session closed with partial loss.
Currency pair unable to sustain above its psychological level of 69.0000, if continue correction then it may find support around 68.5000 level.

EURINR showed positive movements after bullish opening closed around its day high.
Strong resistance for the currency is seen near 80.8000 sustaining below which may again drag it towards support zone of 80.3000.

GBPINR showed zigzag movements after positive opening and closed with positive bias.
Now, 90.7000 is immeaidate resistance for it if able to give breakout in upcoming session then next resistance is seen around 91.0000.

JPYINR showed sideways movements closed with partial gain.
Currency looks bullish above 62.3000 level, if sustain above this level then it may shows positive rally towards next resistance level of 62.5000.

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