Market Outlook

The rupee tumbled 7 paise to open at 68.7650 against the US dollar in early trade on Wednesday amid unabated foreign fund outflows and rising crude oil prices.

On the flip side, the dollar was higher against the British pound and emerging market currencies in early trading in Europe Wednesday, but range-bound against most of its peers as the market braced for Federal Reserve Chairman Jerome Powell’s two days of testimony before Congress.

Fundamental News

  • Asian stocks pick up a bid ahead of Powell’s testimony.
  • Dollar Flat Ahead of Powell; Sterling Hits 2-Year Low.
  • China: CPI inflation increased to 2.7% in May.
  • Australia: Consumer confidence fell to 2yr lows.
  • Norway: Inflation on expected line.

USDINR after positive opening showed correction closed with partial gain.

Now, 68.6000 is seen as immediate support level for the currency pair sustaining below this mark it may drag towards 68.2000.

EURINR opened with positive bias found support on lower levels closed with gain.

77.5000 is seen as strong resistance zone for the currency pair sustaining below this mark it may continue bearish movements.

GBPINR found support on lower levels and closed with positive note.

On higher levels 86.0000 is still act as strong resistance sustaining above this mark more correction can be seen in it towards 86.3000.

JPYINR showed sideways to bearish movements throughout the session closed with partial loss.

If able to sustain below support zone of 63.0000 currency pair shows more negative movements and find next support around 62.7000.

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