Market Outlook
Extending it rebound for a second straight day, the Indian Rupee opened on flat note at 68.8325 in early trade and throughout the day hovered in the range of 68.8350 and 68.6125 against the US dollar on account of increasing selling pressure of the greenback by exporters and banks amid a strong domestic bourses. On the flip side, against currency basket, dollar was steady as the European Union and the US reached an agreement to cooperate on trade, while the euro was little changed ahead of the European Central Bank’s latest policy announcement later in the day.

Fundamental News

• South Africa Producer Price Index (MoM) registered at 0.9% above expectations 0.4% in June.
• France Consumer Confidence came in at 97 below forecasts 98 in July.

USDINR showed sideways movements after negative opening and closed around its support level.
Currency pair unable to sustain around 69.0000 level showed correction and may show more negative movements towards support zone of 68.3000. EURINR showed correction from higher levels closed around its day low.
More correction can be seen in particular currency if sustain below its immediate support of 80.4000. On higher levels 80.6500 is act as strong resistance.

GBPINR showed sideways to negative movements closed with partial loss.
90.7000 is seen as major resistance for the currency pair if able to break in upcoming session then it may shows positive rally towards 91.0000 level.

JPYINR showed sideways movements throughout the session closed with flat note.
On upward level 62.1500 is act as strong resistance zone for the currency sustaining above which may take it towards 62.3000 mark.

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