Market Outlook

The Rupee opened 3 paise down at 64.18 against dollar on Thursday on account of buying of American currency by banks and importers amid hawkish policy statement by the US Federal Reserve.
The dollar mostly held onto gains Thursday as the FOMC as expected left policy on hold. The FOMC statement after the May meeting was deemed to be upbeat leaving the perception that the Fed remains on track for two further hikes this year. The Fed said it viewed sluggish U.S. growth in the first quarter as “transitory,” as the labor market and business sentiment remained buoyant.

Fundamental News

•    European Monetary Union Retail Sales (YoY) above expectations (2.1%) in March: Actual (2.3%).
•    United Kingdom M4 Money Supply (YoY) increased to 6.6% in March from previous 5.7%.
•    Germany Markit Services PMI registered at 55.4 above expectations (54.7) in April.


USDINR did not show any volatility for the entire session and closed on a flat note.
It is still lying in the same range as observed on daily chart and needs a proper breakout on either side to decide for trend. Support is seen near 64.2000.



EURINR moved southwards in the initial part of the session while gained momentum in the later half.
It managed to close at higher levels suggesting buying on dips where 70.0000 is acting as key support whereas 70.8000 as important resistance.



GBPINR showed weak movements on intraday chart and closed in red zone.
Now, if the currency pair sustains below 83.0000 then 82.5000 is seen as near support while 83.5000-83.7500 is seen as immediate resistance range.



JPYINR continued the bear trend and closed below the major support levels on daily charts.
Now, any closing below 57.0000 can further drag the pair towards deeper support levels. Immediate resistance so seen is 57.4500.


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