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Market Outlook

Indian currency appreciated in the early session against greenback on back of positive sentiments in most Asian currencies but soon lost its shine as the session moved forward and finally settled on flat note.

One of the major events awaited was UK Consumer Prices Index (CPI) which rose by 0.3% in the year to April 2016, down from 0.5% in the year to March. From late 2015, the rate began to increase

Fundamental News

  • Dollar edges down, Aussie soars on less dovish RBA minutes.
  • South Korea won up on renewed risk demand, stocks edge down.
  • UK CPI softens in April, drops for the 1st time since September.
  • Euro area international trade in goods

USDINR

USDINR opened on lower note on strengthening of Rupee against dollar but soon Indian currency lost its shine and the pair closed on positive note.

Now, if it is able to sustain above 100 day EMA then it may lead higher while 66.8000 is still acting as important

USDINR

EURINR

EURINR opened on lower note but showed pull back from bottom levels to close on a flat to positive note.

It is expected to find support near the trend line as shown in daily chart above i.e. around 75.5000 while any closing above 76.1000 can firm the trend of the pair.

EURINR

GBPINR

GBPINR jumped sharply against the previous session close and closed with gains of approx 0.80%.

It took resistance of 100 day EMA i.e. around 97.0700 and so sustaining above it can again show bulls while 96.7000 is seen as immediate support level.

GBPINR

JPYINR

JPYINR showed weak trend for the entire session after opening on lower side.

On daily charts, it took support exactly near the trend line and 62.9000 is expected as good support for it while 61.5000 is seen as resistance ahead.

JPYINR

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