Market Outlook

In early trade, the Indian rupee opened flat at 69.4600 against the US dollar owing to increased demand for the greenback from importers and banks. Moreover, strong US jobs data and rising crude oil prices in the overseas market added pressure to the domestic unit. However, foreign fund inflows and a higher opening in the domestic equity market restricted the fall in the local unit. On the flip side, against major Asian peers, the dollar is still drifting as it waits for hard news of trade deal between the U.S. and China.

Fundamental News

  • Chinese investment in Australia fell 36% in 2018, to A$8.2 billion (US$6.2 billion) from A$13 billion (US$10 billion) in 2017.
  • The Turkish lira remains under pressure amid signs of increasing tension between the country and the U.S. over its decision to buy Russian air defense systems.
  • Australian jobs ads are falling at the fastest pace in over 5 years.

USDINR

USDINR showed positive movements found resistance on higher levels closed with gain. If unable to break its psychological level of 70.0000 in upcoming session then currency pair shows correction towards support zone of 69.3000.

EURINR

EURINR showed bullish movements throughout the session closed with positive bias. Now, 79.0000 is seen as strong resistance level for the currency pair breakout above this mark it may find next resistance around 79.2000.

GBPINR

GBPINR after positive opening showed sideways movements closed around its resistance.Currency pair continues its bearish movements if break immediate support and find next support around 90.8000. On higher levels 91.5000 is act as resistance.

JPYINR

JPYINR opened with positive bias showed bullish movements closed with positive note. 63.0000 is act as immediate resistance for the currency pair sustaining above this mark it may shows more positive movements towards 63.5000.

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