Market Outlook

The Indian rupee on Tuesday weakened against the US dollar, tracking losses in the local equity and Asian currencies markets.
The dollar slipped against the yen on a report that US President Donald Trump sought to push back against an FBI investigation into possible collusion between his campaign and the Russian government. Traders were cautious ahead of the key Opec decision in Vienna on Thursday. Traders were also cautious ahead of the minutes from the 3 May US Federal Reserve policy meeting which will be released Wednesday.

Fundamental News

•    German Upswing Takes Business Sentiment to Highest Since 1991.
•    Eurozone growth holds steady at six-year high in May.
•    German private sector output grows at fastest pace in over six years.
•    China’s yuan weakens on strong corporate demand for dollars.


USDINR opened higher to the previous close and sustained at higher levels for the entire session.
Now, if the currency pair sustains above 65.0000 then it may move above the immediate resistance of 65.1000 whereas 64.5000 may continue to act as support.



EURINR continued the bull rally on the seventh consecutive session and closed on a strong note.
It had tested the important psychological mark of 73.0000 and holding above it can further intensify the bulls whereas 72.2000-72.0000 is seen as support range.



GBPINR held above the important resistance of 84.0000 and closed on a strong note on daily chart.
It may further continue its northward move towards the next resistance of 84.7000 while 83.7000-83.4000 may act as important support zone for the pair.



JPYINR opened on a gap up note and was able to sustain at higher levels for the whole session.
Sustaining above 58.0000 can further lead it towards the near resistance of 58.5500 whereas any closing below 58.0000 can drag it towards 57.8000.


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