Market Outlook

The rupee opened 13 paise down at 64.66 against dollar on Friday on account of selling of American currency by banks and exporters.
The dollar stood tall in Asia on Friday, on track for weekly gains against a currency basket, after upbeat US economic data gave investors reason to hope the US central bank will stick with its plan to hike rates.
The BOJ also upgraded its assessment of private consumption and overseas growth, signalling its confidence that an export-driven economic recovery was broadening and gaining momentum.

Fundamental News

•    United Kingdom CFTC GBP NC net positions down to £-39.4K from previous £-36.7K.
•    European Monetary Union CFTC EUR NC net positions: €79.1K vs €74K.
•    United States Labor Market Conditions Index below expectations (3) in May: Actual (2.3).


USDINR opened gap up but could not sustain at higher levels and dragged during the session o close in red.
The currency pair is getting stiff resistance near the range of 64.9000-65.0000. On lower side, 64.3000 may continue to act as strong support.



EURINR hovered in the same range as of previous session and closed around support on daily chart.
If the pair breaches the mark of 72.0000 then it may further move on lower levels whereas 72.4000-72.6000 had been acting as resistance range.



GBPINR tried to continue the bulls of the previous session but could not sustain at higher levels.
Strength may continue till it holds above the mark of 82.0000. If the bulls continue then it may resist near the next resistance mark of 83.0000.



JPYINR opened gap down and continued the bear moves throughout the session.
Closing below 58.0000 suggests that selling pressure may continue whereas on higher side, 58.2000-58.5000 may act as good resistance range.


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