Market Outlook

Rupee depreciated 6 per cent paise to 64.27 a dollar in early trade on Friday after ex-FBI James Comey address to US Congress did not offer any new detail on Russia’s alleged meddling with US presidential elections last year and his investigation into a Trump’s aide. The pound remained at two-month lows against the U.S. dollar on Friday, after the release of downbeat U.K. manufacturing production data and as concerns surrounding the results of the U.K. election continued to weigh.

Fundamental News

•    Greece Consumer Price Index – Harmonized (YoY) above expectations (1.4%) in May: Actual (1.5%).
•    United Kingdom Consumer Inflation Expectations: 2.8% vs previous 2.9%.
•    Germany Trade Balance s.a. below forecasts (€20.3B) in April: Actual (€19.8B).

USDINR

USDINR hovered around the previous closing and closed on a flat note.
In the coming session, if the currency pair sustains below 64.4000 then it may further dip towards 64.2500 otherwise 64.6000 may act as resistance for it.

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EURINR

EURINR opened gap down and sustained below to close on weak note.
If the pair breaches the mark of 72.0000 then it may move towards the support range of 71.9000-71.7000 whereas 72.3000 may resist it to move ahead.

2

GBPINR

GBPINR showed huge gap down on back of volatile movements due to Parliamentary elections in Britain.
Although the pair closed above the important support of 82.0000 but it closed in weak zone. Now, 82.5000-82.7000 is seen as resistance range for the currency pair.

3

JPYINR

JPYINR continued to extend the bears for the third consecutive session and closed on a weak note.
Closing on daily chart indicates that the counter may slip towards the immediate support of 58.3000. Any closing above 58.5000 can strengthen the pair.

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