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Market Outlook

Indian Rupee fell to two week low against the greenback on Monday and further fell 7 paise to 67.38 in early trades on Tuesday tracking mixed cues from global currency markets.

The British pound held near three-week highs against the dollar and euro on Tuesday, a day after it had made its biggest daily gains since late 2008 as opinion polls swung in favor of the campaign for Britain to stay in the European Union. Two opinion polls on Monday showed that the “Remain” camp has recovered some ground in Britain’s European Union referendum debate.

Fundamental News

  • Sterling hits 7-week high on expectations Britain will stay in EU.
  • United Kingdom Public Sector Net Borrowing below forecasts (£9.35B) in May: Actual (£9.141B).
  • Sri Lankan 1-wk rupee forwards down on importer dlr demand; stocks up.
  • Greece Current Account (YoY) down to €-0.822B in April from previous €-0.708B.

USDINR

USDINR opened higher against the previous close for the second consecutive session.

Resistance is expected to face in the range of 67.8000-68.0000 while 67.3500 is acting as strong support for the counter below which selling pressure can be seen.

USD

EURINR

EURINR was able to sustain higher than the previous close and closed on a flat note with positive bias.

On higher side, strength can be seen if it holds above 76.7500 while on lower side weakness can prevail below 76.3500.

EUR

GBPINR

GBPINR opened strong and continuous rally was seen in the counter throughout the session ahead of Brexit vote and closed on a strong note.

It tried to test the psychological level of 100 and if it sustains above it then further bulls can be seen.

GBPJPYINR

JPYINR traded above the previous close but was unable to extend the previous session’s gains.

It is strongly resisting near 64.9500 levels and falling below 64.0500 can result in sell offs for the counter in coming few sessions.

JPY

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