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Market Outlook

The rupee on Thursday recovered by 0.05 paise to open at Rs 67 a dollar on fresh selling of the American currency by banks and exporters in view of sustained inflows from foreign funds. The yen slipped to a three-week low on Thursday on speculation of more stimulus from Tokyo, while sterling ticked up ahead of a Bank of England meeting that is expected to deliver a rate cut to blunt the economic fallout of Britain’s vote to exit the European Union. Waning expectations of the Federal Reserve delivering further interest rate hikes have weighed on the dollar this year, and investors’ wariness increased after the Brexit vote roiled markets.

Fundamental News

  • BoE expected to cut rates to blunt Brexit impact
  • BOC holds rates steady, sounds more hopeful than expected
  • Yen in sight of this week’s post-Brexit low vs USD

USDINR

USDINR showed sideways to bearish movement broke its support level closed below it.

Now, if it is able to maintains below psychological level of 67.0000 then more selling pressure seen towards next support level of 66.7000.

USD

EURINR

EURINR trades negative for whole session except last trading hour and able to close in green.

Now, 75.0000 is act as immediate resistance for it above which next resistance is seen around 75.3000. If sustain below 74.5000 may give correction upto 74.3000.

EUR

GBPINR

GBPINR opened gap down trades in negative territory, after bank rate showed sharp bullish rally and closed on positive note.

Now, 90.0000 is crucial level for it closing above which may take it towards next vital resistance i.e. 91.6000.

GBP

JPYINR

JPYINR showed negative movement and closed below its support level.

Now, if it breaks support of 63.0000 then may find next support of trendline on daily charts around 62.7000. On higher levels 63.8000 will act as resistance for it.

JPY

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