Market Outlook

The Rupee opened 11 paise up at 64.31 against the US dollar on Monday on account of selling of American currency by exporters.

The dollar was hovering close to seven month lows against a basket of the other major currencies on Monday after a disappointing U.S. jobs report, while sterling dipped in the wake of a weekend terrorist attack in London.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies.

Fundamental News

•    United Kingdom Markit Services PMI registered at 53.8, below expectations (55) in May.
•    European Monetary Union Markit Services PMI above forecasts (56.2) in May: Actual (56.3).
•    Germany Markit PMI Composite came in at 57.4, above forecasts (57.3) in May.

USDINR

USDINR opened on a weak note and remained on lower levels for the entire session.
On daily chart, the immediate support so seen is 64.4000 and closing below it can weaken the currency pair whereas 65.0000 may continue to mark as important resistance.

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EURINR

EURINR had been able to sustain at higher levels since last three sessions closed in green.
On marching higher above the immediate resistance of 72.8000, it may move towards 73.1000. On lower side, 72.1500 is seen as good support.

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GBPINR

GBPINR opened on a weak note but gained momentum in the later half of session to close in green territory.
The currency pair constantly took support around the mark of 83.0000 and it may show further up move above 83.6000 whereas 82.8000 is seen as key support.

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JPYINR

JPYINR showed a gap up opening and sustained at higher levels for the entire session and closed strong.
Closing above 58.0000 in the previous session made the pair to show a pull back and now 58.6000 will again act as strict resistance for it.

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