Globally, USD/JPY, which
had slipped below 108.30 levels, has rebounded to 108.57 as Larry Kuldow, White
house economic advisor, suggested that US-China are getting close to a phase 1
deal. Broadly, risk on sentiments remained in control as S&P 500 index closed
at an all-time high level of 3096.63. The
EUR/USD rebounded above 1.10 handle as German economy grew at 0.1% against broadly
expected contraction in Q2.
On Domestic front, USDINR
pair opened session 71.80 levels against previous close of 71.97 levels. The
weaker opening the pair can be attributed to softness in US dollar index. Going
forward, Supreme Court of India is expected to give verdict Essar insolvency
case, later during the day. A positive
decision should lead to INR appreciation. Overall, USDINR pair has immediate
support at 71.70-75 levels, if broken next support at 71.50-55 and immediate
resistance at 71.92-97 levels. Range for the day – 71.45-71.97.
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