Market Outlook

The Indian Rupee bounced back from its 1 month low, appreciated by 29 paise to open at 68.1025 and hovered in the range of 68.2300 and 68.0700 against the US dollar on account of  fresh selling of the American currency by banks and exporters. Moreover; the rupee sentiment was also bolstered by a firm domestic market. On the other hand, the dollar edged higher against rival currencies in subdued trade amid a lull in an escalating trade dispute between the U.S. and China.

Fundamental News

  • Germany Producer Price Index (MoM) came in at 0.5%, above expectations (0.4%) in May.
  • Greece Current Account (YoY): €-1.344B (April) vs previous €-0.956B.
  • South Africa Consumer Price Index (YoY) below expectations (4.6%) in May: Actual (4.4%).

USDINR open with negative bias showed sideways movements closed with loss. Sustaining above its psychological support level still shows positive strength in the currency pair and may find resistance around 68.5000.

EURINR after correction unable to sustain on higher levels closed with negative bias. Currency pair give negative movements in upcoming session if sustain below its immediate support mark of 78.6000. On higher levels 79.5000 is resistance for it.

GBPINR after negative opening found support on lower levels closed around its day high. Correction can be seen in the currency if give positive breakout of its immediate resistance on intraday chart and may find next resistance around 90.3000.

JPYINR showed sideways movements after negative opening closed with negative note. Currency found strong support of trendline acting as support on intraday chart may give negative breakout if open below it in upcoming session and find support near 61.5000.

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