Market Outlook

Against the US dollar, the Indian rupee appreciated by 10 paise to open at 69.4250 on increased demand for the greenback from importers and banks.Moreover, strengthening of the American currency in the overseas market weighed on the domestic currency. On the economic front, India’s overall exports (merchandise and services combined) in April-March 2018-19 are estimated to be $535.45 billion, exhibiting a positive growth of 7.97% over the same period last year.

Fundamental News

  • Dollar Drifts After Fed’s Evans Hints at Long Rates Pause.
  • Euro’s Fortunes Renewed as Spring Brings Economic Green Shoots.
  • The Reserve Bank of Australia had become the latest central bank to move towards an easier monetary policy
  • The Turkish lira was still under pressure after hitting a six-month low against the dollar.

USDINR opened with partial gain showed positive movements closed around days high.

Psychological level of 70.0000 is act as strong resistance for the currency pair sustaining above this mark it may find next resistance around 70.2000.

EURINR showed sideways to bullish movements and closed with gain.

On higher levels 79.0000 is seen as immediate resistance breakout above it bulls are active and take it towards 79.4000 mark.

GBPINR opened with partial loss found support and closed around its resistance.

Currency pair continues bullish movements if able to sustain above resistance zone of 91.5000 above which 91.8000 is act as next resistance.

JPYINR showed positive movements throughout the session closed with positive note.

Now, 62.6000 is act as strong resistance for the currency pair if trade above this mark in upcoming session it may find resistance near 62.8000.

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