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Market Outlook

Indian Rupee snapped its three day losing streak and opened on positive note on Thursday and even sustained on higher levels, finally settling on positive note. It is to be noted that the Rupee weakened in the previous session on reports suggesting that RBI Governor Raghuram Rajan does not want to continue his services at central bank.

UK construction firms experienced another difficult month overall in May, with output growth easing to its weakest for almost three years and incoming new work declining for the first time since April 2013.

Fundamental News

  • Rupiah recovers earlier losses from S&P’s Indonesia rating; Asia FX up.
  • Dollar stays on defensive vs yen, sets 2-week low.
  • Japan consumer confidence index May 40.9 vs 40.1 exp.
  • United Kingdom PMI Construction below expectations (51.9) in May: Actual (51.2).

USDINR

USDINR lost the gains so made in the previous session and sustained on lower side for the intraday session.

If it moves in northward direction then resistance will be faced in the range of 67.8000-68.0000 while strong support is maintained near 67.4000.

usd1

EURINR

EURINR opened on higher note but could not sustain at such high levels and closed on flat note.

If the counter sustains below 75.6500 then sell offs can be seen in it whereas up move can be seen if it holds above 75.9000.

eur2

GBPINR

GBPINR moved in the tight range for the whole session closing with slight negative bias.

It took key support of 100 day EMA of 97.3550 and closed above it. Weakness can be seen below the mentioned level while 98.4000 will now act as major resistance.

gbp3

JPYINR

JPYINR moved in the same range after making tremendous bull rally in the previous session.

It needs to hold above 62.1000 for extending the bulls and may reach towards 62.3000-62.5000. On lower side, 61.7000-61.5000 is seen as support range.

jpb4

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