Market Outlook

The Rupee opened on a flat note at 64.44 against dollar on Tuesday ahead of the US Federal Reserve policy meeting kick starting Tuesday.
The pound hit the day’s highs against the dollar on Tuesday after data showing that the annual rate of inflation in the UK rose to a four year high last month, adding to concerns over a squeeze on the cost of living. The dollar held steady against a basket of currencies on Tuesday, with the focus on the US Federal Reserve’s two-day policy meeting, while the Canadian dollar rose after its central bank hinted interest rates could rise sooner than anticipated.

Fundamental News

•    United Kingdom Consumer Price Index (MoM) registered at 0.3% above expectations (0.2%) in May.
•    Germany ZEW Survey – Economic Sentiment below expectations (21.5) in June: Actual (18.6).
•    European Monetary Union ZEW Survey – Economic Sentiment above forecasts (37.2) in June: Actual (37.7).

USDINR

USDINR opened on a firm note but was unable to sustain at higher levels and dragged in the later half.
On daily chart, it has been stuck in a specific range where 64.7000 is acting as stiff resistance while 64.3000 as strong support.

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EURINR

EURINR opened below the previous close and remained at lower levels for the entire session.
On higher levels, 72.6000 again became the key resistance for the pair to move northwards whereas 72.0000 might continue to be the key support level.

2

GBPINR

GBPINR found support at lower levels during the session and gained momentum in the later half.
Strength can be seen till it sustains above the mark of 82.0000 and it may move towards the next resistance of 82.4000 as seen on daily chart.

3

JPYINR

JPYINR gradually dragged during the session and closed the session in red.
If the currency pair sustains above the immediate resistance of 58.8000 then it may move northwards whereas 58.3500 is seen as good support.

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