Market Outlook

The Rupee opened 2 paise lower at 64.91 against dollar on Wednesday on account of buying of American currency by banks and importers. The local currency on Monday plunged 34 paise to end at a fresh seven-week low of 64.89 against the US currency.
The pound steadied just below $1.30 after the deadly Manchester terrorist attack.
The euro fell back below the $1.12 mark after being boosted by some strong euro-zone data.

Fundamental News

•    Germany 10-y Bond Auction climbed from previous 0.33% to 0.39%.
•    South Africa Consumer Price Index (MoM) below forecasts (0.4%) in April: Actual (0.1%).
•    Sweden Producer Price Index (MoM) fell from previous -0.1% to -0.3% in April.
•    Switzerland Industrial Production (YoY) down to -4.6% in 1Q from previous -3.3%.


USDINR opened higher but could not sustain at such levels and closed on a negative note.
It again resisted near the mark of 65.0000 from where sharp fall was seen and next support is seen around 64.5000 on daily chart.



EURINR broke the bull rally so followed since last few sessions and closed on negative note.
Now, if correction happens then 72.0000 will be seen as key support while 73.0000 as important resistance for the currency pair.



GBPINR did not sustained on higher levels and dipped to close on a weak note.
It closed around the crucial mark of 84.0000 and holding below it can reach towards 83.7000 whereas 84.3000-84.5000 is seen as strong resistance range.



JPYINR had been dragging gradually towards the immediate supports since last three consecutive sessions.
On daily chart, if the currency pair breaches the support of 57.7000  then it may further fall towards lower levels whereas 58.2000 is seen as immediate resistance.


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