Market Outlook

The rupee opened 6 paise higher at 64.55 against dollar on Monday on account of selling of American currency by banks and exporters amid buoyed equity market.
The euro surged and the yen sank on Monday after the first round of France’s presidential election turned out bang in line with opinion polls, settling currency market worries of another systemic political shock from next month’s second round. The euro touched five-month highs at $1.09. It was up 1.03% at $1.0838 at 03:00.

Fundamental News

•    United Kingdom CBI Industrial Trends Survey – Orders (MoM) below expectations (5) in April: Actual (4).
•    Germany IFO – Current Assessment came in at 121.1, above forecasts (119.2) in April.
•    Japan Leading Economic Index up to 104.8 in February from previous 104.4.


USDINR opened on weak note and sustained on lower side for the entire session.
Now, on daily chart, 64.3000 is seen as key support breaching which can further drag the pair down whereas 64.8000 will be continued as strong resistance.



EURINR showed a hike on gains in Euro after French Elections and closed higher.
It is at the crucial psychological level of 70.0000 sustaining above which can help in further up move whereas 69.8000 is seen as immediate support.



GBPINR found strong support at lower levels and pull back made it close in green.
The candlestick pattern so formed on daily chart suggests that it may inch towards the near resistance of 83.0000 while 82.4000 will continue to act as good support.



JPYINR strongly dropped down surpassing the important support levels.
On daily chart, 58.3500 may act as immediate support for the currency pair breaching which can further drag it. On higher side, 59.0000 will now act as key resistance.


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