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Market Outlook

Indian currency continued its bearishness for the eight successive sessions and depreciated further against dollar on sustained demand of American currency from Banks and importers. Outflows of foreign funds on back of strict rules regarding P-notes and sluggish domestic indices adversely impacted the domestic unit.

Emerging Asian currencies, from the Malaysian ringgit to the South Korean won, weakened on Tuesday as falling oil prices and a drop on regional equity markets dampened demand for riskier units.

Fundamental News

  • Rupee holds 2-1/2 month low at 67.49.
  • Sri Lankan rupee forwards trade weaker on importer dollar demand.
  • Fed rate view hurts Asia FX; rupiah hits 3-1/2-month low.
  • United Kingdom Public Sector Net Borrowing above forecasts (£6.2B) in April: Actual (£6.582B).

USDINR

USDINR opened on a strong note and was able to sustain on higher side for the rest of the sesasion and finally extended its bull rally so seen in last six consecutive sessions.

On daily charts, it may further inch towards the crucial mark of 68.0000-68.1000 while 67.5000 may act as good support.

usd1

EURINR

EURINR traded on strong note after a gap up opening but dragged in the later half and washed off the early gains but was able to close in green.

It needs to sustain above 76.0000 to gain strength while surpassing immediate support of 75.7000 can be weak signal.

eur2

GBPINR

GBPINR extended the bulls after the silent trading in last two sessions and closed higher.

It tested 99.0000 mark and now 99.6000 is seen as near term strict resistance for the counter and short pull backs are expected from support levels.

eur2 JPYINR

JPYINR witnessed buying momentum which was seen in the previous session and closed strong.

On daily charts, 61.6000 is seen as immediate support while strong bulls can now be seen if the counter holds above 62.1000.

jpb4

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