Market Outlook

Stretching its strong recovery momentum for the third straight day, the rupee today rose by 4 paise to a fresh one-week high of 64.44 against the US dollar on sustained selling of the American currency by exporters.
The dollar dropped to seven-month lows on Friday after data showed the U.S. economy created fewer jobs than expected last month, which could derail a possible interest rate hike by the Federal Reserve in the second half of this year.

Fundamental News

•    European Monetary Union CFTC EUR NC net positions: €72.9K vs €64.8K.
•    United Kingdom CFTC GBP NC net positions dipped from previous £-23.9K to £-29.7K.
•    Australia CFTC AUD NC net positions up to $3.1K from previous $2.6K.


USDINR remained on lower levels for the third consecutive session and closed on weak note.
It may further become weak if it sustains below the immediate support of 64.5000 while 65.0000 is still seen as key resistance mark.



EURINR faced resistance at higher levels and slipped at lower levels.
The currency pair is facing strict resistance in the range of 72.8000-73.0000 while 72.1500 may continue to act as key support for the counter.



GBPINR moved in the same range as of previous session and closed on a flat to negative note.
If the pair breaches the psychological mark of 83.0000 then holding below it can further drag it on lower levels whereas 83.4000 is seen as immediate resistance.



JPYINR opened on a weak note and sustained at lower levels to close in red.
Now, on surpassing the psychological mark of 58.0000, it may dip towards the near support of 57.6000 while 58.6000 may continue to act as strong resistance.


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