Market Outlook

Against the US dollar, the Indian rupee appreciated by 12 paise to open at 69.6100 and throughout the day hovered in the range of 70.0275 and 69.6100 due to higher demand for the green-back from importers amid foreign fund outflows. A strengthening US dollar against major global currencies also affected rupee’s trading pattern. However, lower crude prices and a higher opening of the domestic equity markets restricted fall of the domestic currency to some extent.

Fundamental News

  • German business morale dips as economy loses steam.
  •  Aussie Dollar Falls to Six-Week Lows Amid Weaker-Than-Expected CPI Data.
  • USD/CHF: Gains extended to one year highs.
  • The sharp rise in oil prices drove the ruble to its highest level against the dollar since July last year.

USDINR

USDINR (MAY) after positive movements showed correction and closed with gain. Sustaining above 70.0000 mark give strength to particular currency pair and continue bullish movements towards resistance of 70.5000.

EURINR

EURINR (MAY) unable to sustain on higher levels showed correction closed with loss. If continue to trades above 79.0000 mark in upcoming session currency pair shows positive movements and find resistance near 79.4000.

GBPINR

GBPINR (MAY) after negative opening showed sideways movements closed with negative bias. Below 91.0000 mark currency pair shows bearish movements and find strong support around 90.5000. On higher levels 91.3000 is act as immediate resistance.

JPYINR

JPYINR (MAY) showed sideways to bullish movements and closed with positive note. Now, 63.0000 is act as crucial level for the currency pair sustaining above this mark continue positive movements otherwise drag towards support of 62.5000.

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