Market Outlook

The Indian rupee on Wednesday weakened for the second session against the US dollar before the release of Reserve Bank of India’s (RBI) minutes of its bi-monthly policy meeting.
The dollar edged back from one-month highs against a basket of currencies early on Wednesday as a tumble in crude oil prices pushed down US yields, while the pound wobbled near a two-month low after Bank of England Governor Mark Carney shot down hopes of a British interest rate hike.

Fundamental News

•    Oil-linked currencies pressured by lower oil prices, sterling slips.
•    Australia dollar at 1-week low, NZ$ falls on dairy auction.
•    United Kingdom Public Sector Net Borrowing came in at £5.993B, below expectations (£7B) in May.
•    Yuan treads water as inflows from MSCI decision seen modest.


USDINR tried to head towards higher levels but dragged in the later half to close on a flat note.On daily chart, the candlestick so seen is a reversal pattern indicating sell on highs can be seen in the coming session where 64.8000 may continue to act as resistance.



EURINR hovered in the same range as of previous session and closed on a flat note.It had been trading near the key support of 72.0000 and holding below it can result in bearish trades whereas 72.2000 may act as immediate resistance.



GBPINR extended the bears in early part of the session but the positive move in the last hour made it to close in green.The currency pair found strong support around 81.5000 whereas sustaining above the mark of 82.0000 can result in up move towards 82.4000.



JPYINR showed gap up opening and tried to sustain at higher levels.Closing above the mark of 58.0000 can support the pair to move towards the resistance range of 58.3000-58.5000 whereas 57.8000 may continue to act as good support.


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