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Market Outlook

Taking its losing streak to the fourth trading session, the rupee fell 3 paise to 67.17 against the US dollar in Tuesday’s trade amid cautiousness ahead of the Fed policy outcome later in the day. The currency market was also fearful of the possibility of Brexit in an EU referendum scheduled on June 23.

UK Consumer Prices Index (CPI) rose by 0.3% in the year to May 2016, unchanged from April. This continues the position seen since the beginning of the year of a rate which is a little above zero.

Fundamental News

  • Yen hits 3-year highs vs euro as Brexit worries mount.
  • Brexit, Fed jitters lock in Asia FX; dips vs yen.
  • China’s yuan inches lower on dollar demand ahead of Fed meeting.
  • Industrial production up by 1.1% in euro area.
  • Employment up by 0.3% in euro area and EU28.

USDINR

USDINR traded higher for the fourth consecutive session and closed higher.

In the coming session, the pair may find resistance around 67.6000 above which strength can be seen further whereas 67.2500 is seen as immediate support.

USD

EURINR

EURINR opened higher but soon dragged sharply down to close in red.

A triangle shaped pattern is seen on daily charts according to which 76.2000 is seen as resistance while 75.4000 as strong support.

EUR

GBPINR

GBPINR continued to remain on lower sides as faced resistance on higher sides.

If it holds below 95.1000 then sharp sell offs can be seen while any closing above 96.0000 can only result in strength for the counter.

GBP

JPYINR

JPYINR extended the bulls so gained in last few sessions and traded strongly on higher sides.

Now, psychological resistance is seen near 64.0000 mark while 63.1000 may act as immediate key support for the counter.

JPY

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