Market Outlook

The Rupee on Tuesday made a smart recovery after yesterday’s massive plunge, appreciating by 14 paise to close at 64.74 against the US currency on fresh bouts of dollar selling exporters and banks.
The dollar slipped against the yen on Wednesday on concerns about rising tensions between the United States and North Korea while the Canadian dollar held firm after the nation’s central bank chief backed an interest rate increase. The Canadian dollar also held firm, trading at C$1.2934 per dollar after having hit a 10-month high of C$1.2912 to the dollar on Tuesday..

Fundamental News

•    European Monetary Union Retail Sales (MoM) above expectations (0.3%) in May: Actual (0.4%).
•    United Kingdom Markit Services PMI below expectations (53.5) in June: Actual (53.4).
•    European Monetary Union Markit Services PMI came in at 55.4, above forecasts (54.7) in June.


USDINR had been consolidating in a range since last few sessions and closed on a flat note.
On daily chart 65.0000-65.1000 had been acting as stiff resistance range while 64.8000 is seen as immediate support for the pair.



EURINR continued the bear moves of the previous session and closed in red.
Any closing above the mark of 74.0000 may indicate the positive moves for it while 73.5000 is seen as important support.



GBPINR continuously dropped since last three sessions and closed in negative territory.
If the currency pair sustains below the mark of 84.0000 then it may drop towards the near support of 83.5000 whereas 84.3000 may act as immediate resistance.



JPYINR extended the bears so observed on daily chart and closed on a weak note.
Now, 57.0000 is seen as good support for the pair surpassing which further weakness can be seen whereas any closing above 57.5000 can indicate some correction.


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