Market Outlook

Rupee opened at 66.8225, and made a high of 66.7150 in early trade and hovering in the range of 23 paisa between 66.7150 to 66.9450 during trading hours against the dollar on increased selling of the greenback by exporters and banks. Against a currency basket, The dollar backed off four-month highs, but remained supported after the Federal Reserve indicated that it is on track to keep gradually raising interest rates, including at its June meeting.

Fundamental News

  • Challenger Job Cuts (YoY) of United States dipped from previous 60.357K to 36.081K in April.
  • Monetary Union Consumer Price Index – Core (YoY)of Europe below forecasts (0.9%) in April: Actual (0.7%)
  • SAR Retail Sales of Hong Kong declined to 11.4% in March from previous 29.8%.


USDINR open with negative bias showed correction in last trading hour closed with partial loss. Found strong support around lower levels form strong consolidation if able to break in upcoming session than find next support around 66.4000.


EURINR open with negative bias after correction unable to sustain on higher levels closed with loss. Psychological level of 80.0000 is act as strong support more correction is expected if able to sustain below it. On higher side 80.5000 is resistance mark.


GBPINR open with negative bias showed bearish movements and closed around its lower level. Currency sustains below its resistance level suggesting more correction in it and may find support around 90.5000. Upward side 91.2000 is act as resistance.


JPYINR showed positive movements closed above its resistance level. 61.2000 is act as immediate resistance level for it, if continue bullish movements and sustain above it may take it towards next resistance of 61.5000.

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