Market Outlook

The rupee opened 8 paise down at 64.64 against dollar on Friday on account of selling of American currency by banks and exporters.

The dollar held steady against other major currencies on Friday, just off a three-week low as markets were still digesting Thursday’s Paris terrorist attack and were gearing up for the first round of France’s presidential election amid ongoing U.S. political uncertainties.

EUR/USD was little changed at 1.0712, off the previous session’s nearly one-month peak of 1.0721.

Fundamental News

•    European Monetary Union Markit Manufacturing PMI came in at 56.8, above expectations (56.3) in April
•    Italy Industrial Sales n.s.a. (YoY) climbed from previous 1.5% to 4.6% in February.
•    United Kingdom Retail Sales ex-Fuel (YoY) came in at 2.6%, below expectations (3.9%) in March.

USDINR

USDINR moved in the same range as of previous session and closed on a flat note.
If the currency pair surpasses 64.5000 then bears may further attack it and drag it lower whereas 64.8000 is seen as immediate resistance.

1

EURINR

EURINR strongly reversed from higher levels and closed the session in red.
Now, 69.0000 can be seen as immediate psychological support for the pair while on higher side, 69.7000 may continue to act as important resistance.

2

GBPINR

GBPINR traded on lower side for the second consecutive session and closed weak.
It is expected to further drop towards the key support of 82.4000 while 83.2000-83.3000 is marked to be the resistance range for the counter.

3

JPYINR

JPYINR dragged in the early part of the session and then showed pull back in later half to close in green.
On daily chart, it took strong support around 59.0000 mark and reversals from such point indicate correction on higher side where 59.6000 will again act as resistance.

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