Market Outlook

Rupee opened at 66.8825, and made a low of 66.9950 in early trade and hovering in the range of 15 paisa between 66.8425 to 66.9950 during trading hours against the US dollar on fresh demand for the greenback from importers and banks ahead of US Federal Reserve’s two-day policy meet outcome. The dollar eased but remained supported close to four month high against basket of currency on account of a Federal Reserve meeting that is expected to point to another two or possibly even three rate hikes this year.

Fundamental News

  • Unemployment OF Austria declined to 308.9K in April from previous 321.9K.
  • Monetary Union Gross Domestic Product s.a. (YoY) OF European meets expectations (2.5%) in 1Q.
  • United States MBA Mortgage Applications dipped from previous -0.2% to -2.5% in April 27.

USDINR

USDINR showed positive movements but unable to sustain on higher levels closed with flat note. Psychological level of 67.0000 is act as strong resistance for it, if sustain below this level than it may shows correction and found support around 66.5000.

EURINR

EURINR open with negative bias showed sideways movements and closed with loss. Currency pair form strong consolidation around its intraday support level, if sustain below it than negative movements were seen in it towards 80.0000.

GBPINR

GBPINR open with negative bias showed correction and closed around its day high. On lower side 91.0000 is strong support for it, open below this level may shows more negative movements and may find next support around 90.8000.

JPYINR

JPYINR showed bearish movements after negative opening and closed around its intraday support. Below 61.0000 mark currency looks weak and more correction is expected if sustain below it. On higher side 61.2000 is resistance level for it.

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