Market Outlook

The rupee appreciated by 10 paise to open at 69.8000 against the US dollar, driven by easing crude prices and higher opening in domestic equities. Moreover, the local currency gained strength ahead of the Reserve Bank of India’s monetary policy meet. The Monetary Policy Committee (MPC), which decides on key interest rates, will hold a meeting on June 3, 4 and 6.On the flip side, the U.S. dollar was trading near one-week lows against major Asian peers, with the yen and the Swiss franc  seen as safe havens in time of uncertainty.

Fundamental News

  • Asian stocks report modest declines on trade tensions.
  • China PMI: Operating conditions improve marginally.
  • Nikkei Japan PMI: Output continues to fall amid weak demand.
  •  Australia is complying with US aluminium deal after tariff exemption.
  • Australian Q1 profits point to downside risk for GDP.

USDINR after negative opening closed around its strong support.

69.3500 is act as immediate support sustaining below this mark it may shows bearish movements towards next support of 69.0000.

EURINR found resistance on higher levels closed with negative note.

If able to sustain above 78.0000 mark in upcoming session then currency pair continue positive movements towards 78.3000.

GBPINR showed negative movements throughout the session closed with negative bias.

Sustaining below 88.0000 mark currency pair shows more bearish movements and finds support around 87.4000. On higher levels 88.3000 is resistance for it.

JPYINR unable to sustain on higher levels showed correction closed with loss.

Currency pair continue its bullish movements if able to sustain above its support of 64.0000 and find resistance around 64.6000.

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