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Market Outlook

Indian Rupee depreciated against the greenback in early trade following the month end demand for American currency from importers and Banks. Sentiments were also hurt by US dollar’s gains against other currencies.

James Bullard, president of the Federal Reserve Bank of St. Louis, crossed the wires earlier today, from South Korea, at a Band of Korea news conference, noting that he prefers to reserve his judgment on a June rate hike call until the meeting.

Fundamental News

  • China’s yuan slides on 5-yr low midpoint as Fed hike expectations grow.
  • German Import prices in April 2016: –6.6% on April 2015.
  • Dollar/yen rises above 111 for first time since late April.
  • South Korea won falls to near 1-wk low on Yellen remarks, stocks edge down.

USDINR

USDINR opened with gains but were unable to keep them throughout the session.

It may fall towards the trend line if holds below 67.3000 while 67.7000-68.0000 is seen as resistance range.

usd1

EURINR

EURINR showed upside momentum within the session after gap down opening.

Now, 74.8000 is seen as major key support for the pair while 75.4500 may act as intraday resistance.eur2

GBPINR

GBPINR lost its shine within the session and has baeen consolidating since last few sessions on daily charts.

The counter is facing strict resistance around 99.0000 while sell offs can be seen below the near support of 98.4000.

gbp3

JPYINR

JPYINR closed below the important support mark of 60.9000 as seen on daily charts.

Sustaining below 60.9000 can result in further bearishness while 61.0000-61.2000 may act resistance range.

jpb4

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