Market Outlook

Indian Rupee on Friday pared all the morning gains and weakened past 65-mark to hit six week low against the US dollar following losses in global equity and currencies markets amid uncertainty surrounding Brazilian and US politics. It opened 6 paise higher at 64.84 against the dollar on Friday on account of selling of the US dollar by banks and exporters amid firm equity trading.
The local currency on Friday witnessed its worst day in about 10 months and closed 69 paise down at 64.84 against the greenback.

Fundamental News

•    Most Asian currencies move marginally; rupiah slides to 4-mth low.
•    Sterling on track for 1% weekly gain after climbing above $1.30.
•    Euro area financial integration stalls during 2016.
•    German Producer prices in April 2017: +3.4% on April 2016.


USDINR raised in the first half of the session but soon dragged and closed in red.
The currency pair exhibited a reversal candlestick pattern doji on daily chart indicating bearish may follow as reversals are expected on highs where support is seen near 64.4000.



EURINR was able to sustain at higher levels and closed the session on a lat note.
Now, on daily chart, 72.5000 is seen as important resistance whereas sustaining below 71.9000 can be a weak sign for the currency pair.



GBPINR opened gap down and sustained at lower levels for the whole session.
Now, 84.7000 will continue to act as major resistance for the currency pair while 83.9000-83.7000 is seen as support range for the pair.



JPYINR dragged after a jump in the previous session and closed on lower note.
If the counter breaches the 58.0000 mark then it may soon drop towards 57.7000 whereas 58.5000-58.8000 may act as immediate support range for it.


(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *