Market Outlook

The Indian rupee on Tuesday was trading little changed against the US dollar in mid day trading sessions. The local currency on Monday closed higher by 26 paise on account of positive macro data even as exporters aggressively offloaded the American currency.
Continuing its dominance against the dollar, the rupee shot up by a whopping 26 paise to end at a fresh 21-mth high of 64.05 driven by robust macro data even as exporters aggressively offloaded the American currency.

Fundamental News

•    British Pound Drops Despite UK Inflation Beating Estimates.
•    Germany ZEW Survey – Economic Sentiment below expectations (22) in May: Actual (20.6).
•    Euro hits six-month high above $1.10 as Trump worries hit dollar.


USDINR traded in the same range as of previous session and closed on a flat note.
It is still finding the psychological mark of 64.0000 as its strong support. If it sustains above the resistance of 64.3500 then only it may find certain strength.



EURINR continued the bull move so seen in the last session and closed on a strong note.
It sustained above 71.0000 which indicates that positive momentum may continue towards the next immediate resistance of 71.3000.



GBPINR sustained higher in the first half of the session but strong sell offs dragged it to close on weak mote.
It may further drop towards the next immediate support of 82.5000 if holds below 82.7000. On higher side, 83.2000 is seen as immediate resistance.



JPYINR had been moving in the same range since last four sessions and closed on a flat to bearish note.
Sustaining below 56.5000 can further drag it on lower levels or we can say can result in negative breakout whereas 56.8000-57.0000 may act as resistance range.


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