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Market Outlook

The Rupee rose 15 paise to 67.53 against the US dollar in early trade on Thursday, in line with the positive trend in other Asian currencies such as the Korean won and the Malaysian ringgit. Investors’ taste for risk picked up in Asian currency trading Thursday with the South Korean won and Malaysian ringgit rising on stimulus hopes and as fears about Britain’s exit from the EU ease.

Euro area annual inflation is expected to be 0.1% in June 2016, up from -0.1% in May 2016, according to a flash estimate from Eurostat, the statistical office of the European Union.

Fundamental News

  • Rupee in worst losing streak in year on Brexit, Rajan concerns.
  • Yuan, Aussie sink on report China to tolerate weaker yuan.
  • Asia FX up in June as global easing hopes temper Brexit shock.
  • German Retail turnover in May 2016: +2.6% in real terms on May 2015.

USDINR

USDINR dragged for the second consecutive session and surpassed the important support of 67.8000.

If it sustains below the key support of 67.8000 then it may further drop towards the next support of 67.5000 while 68.000 may now act as crucial resistance.

USD

EURINR

EURINR opened flat and showed sideways movement but moved higher in the later part of the session.

If it inches higher then 75.8000 may act as immediate resistance level whereas 75.1500 may now act as key support for the pair.

EUR

GBPINR

GBPINR is moving in the same range since last three sessions and closed around it.

It needs to give proper breakout above 91.6000 to move towards northwards direction while 90.7000 is seen as immediate support for the pair.

GBP

JPYINR

JPYINR has been falling down since last three consecutive sessions.

If it continues the bearish trend then it may fall towards the important support of 65.5000. On higher side, 66.3000-66.5000 is seen as resistance range.

JPY

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