Market Outlook

The Rupee opened on a flat note at 64.34 against dollar due to the US Fed policy rate decision, which is scheduled to come out later in a day.
The dollar held steady against other major currencies on Wednesday, as investors remained cautious ahead of the Federal Reserve’s highly-anticipated rate decision and amid ongoing political woes in the U.S.
China’s yuan edged up against the dollar on Wednesday, with the market unfazed by evidence of a still-solid economy and divided over the impact of an anticipated rise in US interest rates.

Fundamental News

•    United States MBA Mortgage Applications: 2.8% (June 9) vs previous 7.1%.
•    China M2 Money Supply (YoY) registered at 9.6%, below expectations (10.4%) in May.
•    European Monetary Union Industrial Production w.d.a. (YoY) came in at 1.4%, above forecasts (1.3%) in April.


USDINR was unable to gain momentum at higher side rather slipped towards lower levels.
Now, the currency pair may face immediate support near 64.3000 whereas 64.6000 may continue to act as important resistance for it.



EURINR gradually slipped on lower levels and closed the session in red.
It seems that strong support is taken by the pair near the mark of 72.0000. On higher side, 72.6000 is seen as stiff resistance for the counter.



GBPINR gained momentum after the previous session’s pull back, although it faced resistance at higher levels.
The pair violated the key resistance on daily chart i.e. around 82.4000 and now if it sustains above 82.0000 then buy on dips can be seen in it.



JPYINR continued the bears for the second successive session and closed in red territory.
If it surpasses the immediate support of 58.3500 in the coming session then it may further continue bears while 58.8000 may act as good resistance.


(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *