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Market Outlook

Indian Rupee was again hit by the American currency after the depreciation so seen in previous session as dollar remained strong against the major world currencies fuelled by hopes of rate hike by Fed.

Eurozone remained in the deflationary territory for the fourth consecutive month in May, much below the 2% target desired by the European Central Bank (ECB), Eurostat revealed.

German unemployment declined more than economists estimated, pushing the jobless rate to the lowest level since reunification.

Fundamental News

  • Fed concerns hurt Asia FX in May; worst for Yuan since devaluation.
  • Dollar supported by US rate view, Aussie jumps.
  • Rouble weakens on oil, faces downward pressure in June.
  • German Unemployment Rate Falls to Record Low before ECB Meeting.

USDINR

USDINR constantly found support levels during the session and hence finally settled on flat note with positive bias.

If it surpasses the support of 67.4000 then downfall can be seen in it while any closing above 67.7000 can be a sign of strength.

usd1

EURINR

EURINR traded sideways in first half of the session but soon gained momentum in the later half and closed strong.

Any closing above the trend line i.e. 75.7000 can result in certain up move while 74.8000 is still seen as major support as per daily charts.

eur2

GBPINR

GBPINR opened on a strong note but could not sustain at such higher resistance of 99.0000 and dropped gradually during the session.

On daily charts, 99.3000 is marked as key resistance whereas 98.4000 is seen as support.

gbp3

JPYINR

JPYINR gained positive momentum during the session from the support levels and closed strong even after a weak opening.

If it can hold above 61.0000 then correction on higher side can be seen while 60.6000 is seen as important support.

jpb4

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