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Market Outlook

The rupee weakened 7 paise to 67.34 against the US dollar in early trade on Tuesday amid across-the-board weakness in other Asian currency markets. The yuan extended losses for a fourth session against the dollar, touching a fresh 5-1/2-year low and raising concerns the central bank is letting the Chinese currency slide further.

Sterling hit a 2-1/2-year low against the euro and traded less than a quarter-cent above a 31-year low against the dollar in risk-averse markets on Tuesday, as investors worried about the economic and financial fallout of Britain’s vote to leave the EU.

Fundamental News

  • Sterling skids back towards 31-year low on Brexit fallout worries.
  • Yen surges, sterling falls as UK nerves grow.
  • Profit-taking weighs on Asia FX; yuan at fresh 5-1/2-year low.
  • UK services expansion weakens in June and outlook darkens.

USDINR

USDINR headed northwards since start of the session and closed strongly after the consecutive four days downfall.

It took strong support of 100 day SMA on daily charts and moved higher indicating it may further lead higher if crosses 67.8000 while 67.3500 will now act as support.

USD

EURINR

EURINR surged after exhibiting lower lows on daily charts and tested the 100 day SMA.

On daily charts, if bulls continue to lead then 76.0000 will be seen as important resistance for the counter while 75.3000-75.0000 can act as support range.

EUR

GBPINR

GBPINR slipped further below after it gave closing below the major support in the previous session.

If it sustains below 89.0000 mark then it may drag towards the next psychological support of 88.0000. On higher side, 89.7000 may act as resistance.

GBP

JPYINR

JPYINR showed up move after the consecutive downfall in the past few sessions.

Now, the immediate resistance is seen near 66.7000 surpassing which can lead it towards 67.1500. On lower side, 66.0000 may act as immediate support for the pair.

JPY

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