Market Outlook

The Rupee opened 9 paise higher at 64.12 against dollar on Wednesday on account of selling of American currency by banks and exporters. Strength in the rupee was also partly due to strength in the domestic equity market and a weak dollar overseas. After opening below 99, the dollar index continued to trade between 98.90 and 99 for some time, before slowly inching above the 99 level.
Most Asian currencies climbed against the dollar on Tuesday as a slight easing in tensions over the Korean peninsula offset concerns from a softer-than-expected factory activity in China.

Fundamental News

•    Asian FX inch up on strong manufacturing activity; Fed in focus.
•    UK Construction growth picks up in April, driven by work on civil engineering.
•    Industrial producer prices down by 0.3% in euro area.
•    GDP up by 0.5% in the euro area and by 0.4% in the EU28.


USDINR again closed below the previous close and held on lower levels for the entire session.
The currency pair has been moving in a range since last few consecutive sessions where 64.6000 is seen as resistance while 64.2000 as important support.



EURINR moved in the same range as of previous session in absence of volatile movements but closed in red.
Strength can still be seen till it holds above the mark of 70.0000 whereas on higher side, 70.8000 will continue to act as strict resistance.



GBPINR traded in sideways manner for almost the entire session and closed on a flat to negative note.
On lower side, 83.0000-82.9000 is seen as immediate support while 83.5000-83.7000 is acting as immediate resistance range for the pair.



JPYINR hovered near the key support area on daily chart and closed in red.
If the bearishness continues then 57.1000 is marked as crucial support for the counter and 57.6500 is seen as immediate resistance.


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