Market Outlook

The rupee ticked higher by 3 paise to open at 69.7500 against the United States (US) dollar on Wednesday amid weakness in the green-back and easing crude oil prices. Moreover, strong foreign instituional investors (FIIs) inflows and higher domestic equity markets also improved sentiments for the rupee. On the other side, the U.S. dollar was hovering near one-month highs against a currency basket on Wednesday, supported by higher U.S. Treasury yields after the U.S. temporarily eased restrictions on Chinese telecommunications giant Huawei.

Fundamental News

  • UK: Headline inflation prints 2.1%.
  • UK CPI at 2.1% y/y in April versus 2.2% estimated.
  • China opposes US using national powers to smear US companies.
  • OECD warns global economy remains weak as subdued trade drags down growth.

USDINR found resistance on higher levels showed correction closed with partial loss. If unable to break psychological level of 70.0000 then currency pair shows negative movements towards its support of 69.3000.

EURINR showed sideways movements throughout the session closed with partial gain. On higher levels 78.2000 is seen as strong resistance for the currency pair sustaining above this mark it may continue bullish rally.

GBPINR unable to sustain on higher levels showed bearish movements closed with loss. Now, 88.0000 is act as strong support for the currency pair breakout below this mark it may shows more negative movements towards 87.8000.

JPYINR showed sideways to bearish movements closed with negative bias. 63.0000 is still act as strong support zone for the currency pair breakout below this mark it may drag towards next support of 62.7000.

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