Market Outlook

The Rupee opened 11 paise up at 64.55 against dollar on Wednesday on account of selling of American currency by banks and exporters.
Asian currencies rose on Wednesday as strong manufacturing data from China coupled with a risk-happy market environment spurred interest in emerging currencies, with the Chinese yuan jumping to its highest in six-and-a-half months. and  the pound dropped against the U.S. dollar on Wednesday, re-approaching a one-month low after the release of downbeat U.K. data and amid mounting political uncertainty in the Britain ahead of the June 8 election.

Fundamental News

•    European Monetary Union Unemployment Rate below expectations (9.4%) in April: Actual (9.3%).
•    Italy Consumer Price Index (MoM) meets forecasts (-0.2%) in May.
•    Greece Retail Sales (YoY) fell from previous 9.6% to -1% in March.

USDINR

USDINR was unable to sustain at higher levels as in previous session rather closed on weak note.
The currency pair again turned down towards the immediate supports of 64.7000 and any closing below it can result in further slippage.

1

EURINR

EURINR carried the positive momentum of the previous sessions and closed on a strong note.
The counter is expected to face stiff resistance around the mark of 73.0000 and 72.1500 is expected to continue as its key support.

2

GBPINR

GBPINR remained choppy for the entire session and closed below the previous session’s close.
The pair has stuck into a range where 82.6500 is seen as good support below which negative breakdown may happen whereas 83.6000 is immediate resistance.

3

JPYINR

JPYINR moved in the same range as of previous session and closed on a flat note.
If the currency pair surpasses 58.6000 mark then it may further move northwards whereas 58.3000 may act as immediate support.

4

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