Market Outlook

The Indian rupee appreciated by 9 paise to open at 69.4525 against the US dollar, driven by weakening of the greenback and positive opening in domestic equities. Moreover, selling of the American currency by exporters; positive opening in domestic equities and foreign fund inflows supported the rupee. The dollar has been also capped against the yen as US President Donald Trump is seen putting pressure on Japan to take measures to reduce its trade surplus with the United States.

Fundamental News

  • President Trump: Goal Is To Remove Trade Barriers Of All Kinds So US Exports Have A Fair Footing In Japan.
  • China Warns Traders of ‘Huge Loss’ If They Short the Yuan.
  • China’s industrial profits drop 3.7% y/y in April due to VAT cut.
  • EUR/USD hits 11-day high despite Eurosceptic parties gaining ground in EU elections.

USDINR found support on lower levels showed correction closed with flat note.

If continue positive movements in upcoming session then 70.0000 is act as strong resistance for the currency pair above which it is more bullish.

EURINR showed sideways to positive movements closed with partial gain.

78.0000 is still act as strong resistance below this mark it may continue bearish movements towards its support zone of 77.3000.

GBPINR after positive movements found resistance on higher levels closed with flat note.

Now, 88.0000 is seen as strong support zone for the currency pair breakout below this mark it may shows negative movements towards 87.8000.

JPYINR showed positive movements sustain on higher levels closed with gain.

Currency pair continues its positive movements if able to sustain above resistance zone of 63.7000 and find next resistance near 64.0000.

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