Market Outlook

The Indian Rupee opened nearly 12 paise down at 68.2450 and hovered in the range of 68.2750 and 68.1250 against the US dollar due to increasing demand of American currency by importers and banks. The dollar advance to near eleven month highs against a currency basket, as traders shrugged off concerns about a trade war been the US and China and expectations for a faster pace of rate hikes this year, while the pound was at the lows of the year ahead of the Bank of England meeting later in the day.

Fundamental News

  • United Kingdom Public Sector Net Borrowing below expectations (£5B) in May: Actual (£3.356B).
  • Turkey Consumer Confidence rose from previous 69.9 to 70.3 in June.
  • Switzerland Trade Balance above expectations (1890M) in May: Actual (2760M).

USDINR open with partial gain unable to sustain on higher levels closed with loss. Currecy broke its psychological level and trades around it if sustain below this level than continue negative movements towards 67.6000 level.

EURINR unable to sustain on higher levels showed negative movements closed with loss. Sustaining below its immediate support of 78.3000 may drag it towards dipper levels and find support around 78.0000. On higher levels 79.0000 is strong resistance.

GBPINR showed positive movements in last trading hour closed with partial gain.  Currency pair may continue its correction phase if sustain above its psychological resistance level of 90.0000 and find next resitance around 90.5000.

JPYINR after correction unable to sustain on higher levels drag down closed with negative note.Currency found support on lower levels if sustain below it than continue negative movements towards 61.0000 mark. On higher side 61.8000 is act as resistance for it.

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