Market Outlook

The Rupee on Wednesday opened 3 paise down at 64.56 against dollar on account of buying of American currency by banks and importers.
Euro surged to a year high, adding to its biggest daily gain in more than a year a day earlier after a change in tone by E CB President.
The dollar slid to 10-month lows against the euro on Tuesday after the head of the European Central Bank opened the door to steps that might begin to reduce the central bank’s stimulus and after a vote on US healthcare legislation was delayed.

Fundamental News

•    European Monetary Union M3 Money Supply (3m) up to 5.1% in May from previous 5%.
•    Italy Consumer Price Index (MoM) came in at -0.1% below forecasts (0%) in June.
•    Ireland Retail Sales (YoY) came in at 3.3%, above expectations (1.4%) in May.


USDINR rallied during the session and closed on a flat to positive note.
On daily chart, 65.0000 is seen as immediate psychological resistance whereas 64.6500 is seen as key support for the currency pair.



EURINR showed gap up opening after the strong previous close and closed above the important resistance mark.
On daily chart, it breached the key resistance of 73.4500 and closing above it indicates that bulls may carry it towards the crucial mark of 74.0000.



GBPINR jumped during the last session and closed on a strong note.
The currency pair was able to sustain above the mark of 83.0000 indicating bulls to be active towards 83.5000. On lower side, 82.9000 is seen as immediate support.



JPYINR continued the bear moves and dragged further to close on lower note.
Now, 58.0000 has become the crucial point sustaining above which can result in some correction on higher side whereas 57.7000 is seen as important support.


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