Market Outlook

The rupee opened 2 paise higher at 64.42 against dollar on Tuesday on account of some selling of American currency by banks and exporters.
The euro edged back towards the previous day’s five-month high on Tuesday after posting its biggest one-day rise since June, on growing confidence that the market-friendly Emmanuel Macron would beat far-right rival Marine Le Pen to become the next French president. The Canadian dollar  “loonie”, in the trader jargon — skidded to four-month lows after the United States slapped duties on Canadian softwood lumber.

Fundamental News

•    United Kingdom Public Sector Net Borrowing came in at £4.365B, above forecasts (£1.5B) in March.
•    Sweden Unemployment Rate dipped from previous 7.4% to 6.8% in March.
•    Denmark Retail Sales (YoY) rose from previous -3.4% to 2.6% in March.


USDINR continued the bear trend and closed around the support level on daily chart.
It may soon test the psychological support of 64.0000 if it holds below the support of 64.3000 whereas 64.5000-64.7000 is seen as immediate resistance range.



EURINR sustained in the same range as of previous session and closed on a flat note.
Bears can be seen if it sustains below the mark of 70.0000 and any closing below 69.8500 can further drag it. On higher side, 70.2000 may act as immediate resistance.



GBPINR opened gap down and sustained in the same range and closed in red.
The candlestick pattern so formed on daily chart suggests that correction may happen towards the immediate resistance of 82.7000 while 82.0000 is seen as good support.



JPYINR extended the bears which it is facing since last five consecutive sessions.
Now, the mark of 58.0000 will be acting as important support while strength can be seen if the pair holds above the immediate resistance of 58.6000.


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