Market Outlook
Rupee opened 23 paisa higher at 67.5500 and throughout the day it traded in the range of 67.5900 and 67.2700 against the US Dollar following ease in global crude prices and suspected RBI intervention at higher levels. Amidst strength in local equities, the rupee continued to recoup the week’s losses, with solid gains today. The dollar slide against the rival currencies, giving up gains from the last week. Moreover, Geopolitics continued to be the directional driver for the dollar and the yen.

Fundamental News

• Japan Corporate Service Price (YoY) up to 0.9% in April from previous 0.5%.
• Sweden Trade Balance (MoM) dipped from previous 2.6B to -6.5B in April.
• Italy Producer Price Index (MoM) down to -0.4% in April from previous 0.4%.

USDINR USDINR showed sideways to bearish movements closed with negative note.
More correction is seen in particular currency pair if able to sustain below its immediate support mark of 67.2700 and may find support around 67.0000.

EURINR EURINR showed negative movements throughout the session closed with loss.
Currency trades in negative territory and still looks bearish if sustain below 78.4000. On higher side some correction can be seen above 78.8000.

GBPINRGBPINR showed sideways movements after negative opening closed with negative bias.
Sustaining below psychological level of 90.0000, suggest more correction in it towards next support level of 89.5000 below which it is more bearish.

JPYINR unable to sustain on lower levels showed correction closed with loss.
Currency pair found support on lower side trades around its intraday resistance level, if open above it in upcoming session than more correction can be seen.

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