The Rupee paired initial losses and opened 4 paise lower at 67.6000 and throughout the day hovered in the range of 67.6275 and 67.4525 against the US dollar following sustained demand of dollar from importers. Moreover, Market participants are cautious ahead of key macro-events consumer price index (CPI) – inflation and index of industrial production (IIP) data later today. The dollar’s early bounce fizzled, elevated by hopes that the closely-watched US-North Korea summit can pave the way towards a reduction in tensions between the two old foes.
• France Nonfarm Payrolls (QoQ) registered at 0.2%, below expectations (0.3%) in 1Q.
• Singapore Retail Sales (MoM) fell from previous 2.3% to -0.2% in April.
• Japan Tertiary Industry Index (MoM) registered at 1% above expectations (0.6%) in May.
USDINR showed sideways movements throughout the session closed with partial gain.
If currency open above its immediate resistance of 67.7000 than it may continue bullish movements towards next resistance level of 67.9000.
EURINR found support on lower levels showed correction closed with flat note.
Form strong consolidation around its resistance suggesting positive movements in currency pair towards psychological level of 80.0000.
GBPINR unable to sustain on lower levels showed correction closed with positive note.
For upcoming session opening above its resistance level of 90.6000 may take it towards next resistance of 91.0000. On lower levels 90.2000 is act as support.
JPYINR opened with negative bias showed sideways movements closed with negative note.
Currecy pair looks bearish if sustain below its immediate support mark of 61.2000 and find next support near 61.0000. On higher side 61.5000 is resistance for it.
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