Market Outlook
The Rupee weakened by over 6 paisa and opened at 67.8300 and hovered in the range of 68.1400 and 67.8250 against Dollar in an early trade at the interbank forex market today on fresh demand for the greenback from importers and banks. Moreover, the rupee sentiment was also hit as crude oil breached the $80 per barrel mark in global market. Weak domestic bourses too weighed on the investor sentiment. The dollar struggled for direction but still remained near a five-month high. It surged over 1% this week, as bond yields jumped to a seven-year high.

Fundamental News
• European Monetary Union Trade Balance s.a. above expectations (€20.7B) in March: Actual (€21.2B)
• Germany Producer Price Index (YoY) came in at 2%, above forecasts (1.8%) in April
• Japan National Consumer Price Index (YoY) below forecasts (0.7%) in April: Actual (0.6%)

                USDINR

USDINR USDINR showed positive movements closed above its short term resistance level.
If continues bullish movements than 68.3000 is act as resistance for it above which bulls are more active. On lower levels 67.7000 is support zone.

EURINR
EURINR unable to sustain on higher levels showed correction closed with positive bias.
80.0000 is act as strong support level for the currency pair below which it may shows correction towards 79.7000 level. On higher level 80.5000 is resistance mark.

GBPINR
GBPINR showed positive movements sustain on higher levels closed around its resistance.
Found resistance of psychological level of 92.0000 if open above this in upcoming session than it may find next resistance near 92.3000.

JPYINR
JPYINR showed correction after negative opening closed with partial gain.
Form strong consolidation around its intraday support level if sustain below it than continue bearish movements and may find support around 61.0000.

(Click to submit your details) Just one step to get best trading tips and Recommendation

Leave a Reply

Your email address will not be published. Required fields are marked *