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Market Outlook

Indian Rupee appreciated against dollar in the early trades on Wednesday on back firm economic indicator suggesting strong foot of Indian economy as GDP showed that it grew by 7.9% in March quarter. Yet, it cannot cheer Rupee for long and it depreciated during the session and finally settled on negative note.

UK’s manufacturing sector activity rebounded sharply in May, as the final Purchasing Managers’ Index (PMI) rose to 50.1 points in May, after a revised weak reading of 49.4 points booked in April.

Fundamental News

  • Yen surges on Brexit fears, Tokyo delay on sales tax hike.
  • Dollar sits below 2-mth high; Aussie buoyed by solid GDP.
  • China’s yuan nears 5-year low as dollar strength persists.
  • Eurozone Manufacturing PMI falls to three-month low.
  • Sri Lankan rupee forwards edge down on importer dollar demand.

USDINR

USDINR remained on lower side for the early part of the session but gained in the later half and closed higher.

Bulls so gained today will find resistance around 67.9000 and closing above it can provide it strength while 67.4000 may act as immediate support.

usd1

EURINR

EURINR rallied higher during the session from lower levels and closed on a strong note.

Trend line so coming from recent highs may act as important resistance while 100 day EMA of 75.0000 is seen as crucial support.

eur2

GBPINR

GBPINR opened gap down and remained lower for the whole session and closed in negative territory.

If it moves in northward direction then 98.2000-98.4000 is seen as resistance range while 100 day EMA of 97.3500 will act as key support.

gbp3

JPYINR

JPYINR strongly rallied during the session to close near to the stiff resistance mark on daily charts.

If it strongly holds above 62.1000 then it may move towards next resistance 62.5000 while any closing below 61.6000 may result in certain weakness.

jpb4

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