Overnight,
Trump has signed Hong Kong bill to support pro-democracy
activists. This should complicate trade negotiations b/w US and China. On economic
front, US GDP grew with a robust 2.1% in Q2, fading any concerns of recession
in US economy. It is noteworthy that US FED had delivered a series of rate cuts
on expectation of slowing economic growth. GBP/USD pair spiked above 1.29
handle amid expectation of a Tory majority.
USDINR
pair opened session on a flat note at 71.32 against previous close of 71.35.
Further gains in partially convertible rupee may be kept, amid US China trade
concerns and robust US economic growth. USD/INR pair has immediate support at
71.18-21 levels and USD/INR pair first resistance at 71.42-45 levels and second
resistance at 71.68-70 levels. Range for the day 71.20-71.65.
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