Market Outlook

The Rupee opened on a flat note at 64.34 against dollar on Wednesday ahead of the US Fed policy rate decision, which is scheduled to come out later in the day.
China’s yuan firmed against the dollar on Monday, supported by a stronger midpoint fix and as data pointed to more balanced supply and demand in the forex market amid Beijing’s tougher crackdown on illegal capital outflows. The dollar was up just under 0.1 per cent against the basket of currencies that measures its broader strength.

Fundamental News

•    European Monetary Union Construction Output w.d.a (YoY) down to 3.2% in April from previous 3.6%.
•    Australia New Motor Vehicle Sales (YoY) rose from previous 0.1% to 4.9% in May.
•    China House Price Index fell from previous 10.7% to 10.4% in May.


USDINR opened gap down and hovered in the same lower range and closed on a flat note.
If it falls below the key support of 64.3000 then the currency pair can see further bears whereas 64.6000 is seen as immediate resistance.



EURINR found support around lower level on daily chart and closed on a positive note.
Now, on daily chart, 72.0000 is expected to act as important support while any closing above 72.4000 can be a positive trigger for the pair.



GBPINR hovered in the same range and closed the session on a flat to positive note.
If the currency pair sustains above 82.6500 then the counter may further move northwards while 82.3000 is seen as immediate support.



JPYINR sustained below the major support levels on daily chart.
Now, on daily chart, 58.0000 is seen as the crucial mark holding below which can further drag the counter while 58.3000-58.5000 is seen as resistance range.


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