Market Outlook

The Indian rupee on Monday strengthened marginally against the US dollar, tracking gains in the local equity markets. It opened 12 paise up at 64.52 against dollar on Monday on account of selling of American currency by banks and exporters.

The dollar steadied close to six-month lows against a basket of currencies on Monday, as investors took stock of a week of political turmoil in the United States and a resurgent euro zone economy. The dollar index, which tracks the greenback against a basket of six major rivals, inched 0.2% higher to 97.366.

Fundamental News

  • Dollar inches up but US political woes keep it near 6-month lows.
  • Greece Current Account (YoY) fell from previous €-0.937B to €-1.324B in March.
  • Denmark Retail Sales (YoY) fell from previous 2.6% to -0.8% in April.



USDINR dropped since the beginning of the session and sustained at lower levels.

On daily charts, it exhibited a reversal candlestick pattern which suggested sell offs and now 64.4000-64.0000 is seen as important support range.



EURINR extended the rally and closed the session on a strong note.

The currency pair seems to head towards the next major resistance of 72.8000 whereas 72.2000 is seen as immediate support for it.


13GBPINR hovered in the same range as of previous session and closed the session on a flat to negative note.

The counter needs to sustain above the mark of 84.0000 to again head towards the resistance of 84.7000 whereas 83.4000 may act as near support.



JPYINR dragged since last two sessions after the major up move as shown in daily chart.

Bow, strength may continue only if it sustains above 58.0000 mark while any closing below 57.7000 can dip the currency pair on lower side.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *