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Market Outlook

The Rupee depreciated 10 paise to 67.49 against dollar at the forex market on Friday due to increased demand for the American currency from importers amid foreign fund outflows but thereafter, recovered the losses during the session.

Most emerging Asian currencies slid on Friday ahead of a key U.S. jobs report, with regional units set to see weekly losses on anxiety over the fallout from the Brexit vote. The yuan slipped against the dollar on Friday, even after China reported a surprise increase in June foreign exchange reserves.

Fundamental News

  • Asia FX down before US jobs data; yuan set for 5th week of losses.
  • Dollar slips against most major currencies as US jobs report awaited.
  • Sterling steadies after fall below $1.30.
  • German exports in May 2016: +1.6% on May 2015.

USDINR

USDINR opened higher but lost its momentum during the session and closed below the previous close.

Now, it has been consolidating around the support of 100 day EMA 67.3900 and can see selling pressure if sustains below the mentioned level while 67.7000 is seen as near resistance.

USD

EURINR

EURINR crossed the immediate support of 74.7400 on daily charts and closed around it.

Now, 74.3500 is seen as next major support on further fall whereas 75.0000-75.1500 may act as immediate resistance range.

EUR

GBPINR

GBPINR fell for the fifth consecutive session and finally settle on lower note.

Weakness is expected to extend towards the near psychological support of 87.0000 whereas 88.3000 is seen as major reistance from current levels.

GBP

JPYINR

JPYINR continued the northwards movement so seen in the last two sessions and closed on a stronger note.

If it sustains above the resistance of 67.1400 then further up move can be seen whereas correction on lower side can be seen if it holds below 67.0000 mark.

JPY

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