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Market Outlook

It was a quiet trading session for Rupee against dollar as no such volatile movements were seen during the intraday session.

The only important economic indicator that market awaited was UK Services PMI which indicated that rate of expansion slowed for the third time in the past five months, to the weakest since February 2013. The Markit/CIPS services PMI index for the British economy decelerated further, scoring 52.0 in April, down from 53.7 measured in March, and below estimate of 53.5.

Fundamental News

  • Firm dollar, growth woes drag Asia FX lower.
  • Dollar index hits session highs after U.S. services data.
  • Yen takes a step back, Australian dollar edges higher.
  • Russian rouble regains ground with oil.
  • UK services growth weakest in over three years in April.
  • United Kingdom 10-y Bond Auction increased to 1.66% from previous 1.51%.

cur1

USD1

cur2

USDINR

USDINR opened flat and traded below the previous close for the entire session and finally settled on weak note.

It is strictly facing the resistance of 67.0000 while immediate intraday support is seen near 66.7000. Any weakness in dollar can drag the counter down.

USD11

EURINR

EURINR aggressively dragged in the intraday session and lost its shine so gained in the previous few sessions and finally closed losing around 0.70%.

On daily charts, it again dropped towards the crucial support of 76.2500 and closing below it can further result in sell offs while 76.7000 is seen as important resistance.

Eur

GBPINR

GBPINR opened gap down and continuously dragged down during the session closing on weaker note as compared to its previous close.

On daily charts, it showed strong reversals from the upper band of channel pattern and selling pressure may increase if it sustains below the trend line i.e. 96.5000.

GBP

JPYINR

JPYINR also dragged down as other currencies on appreciation of Rupee and finally closed down.

On daily charts, it had found support around 62.1200 as shown in the chart above and it is expected to test the level of 62.0000 in coming session while 62.5000 may act as key resistance for it.

intraday

int_eur

EURINR closed near the support of 76.2400 as shown in daily charts and weakness of Euro on global scale also suggests that sell offs may continue for the coming session as well.

SELL BELOW 76.2400 TARGETS 76.1200/76.0000 SL 76.4000.

GBP

GBPINR has reversed from the upper band of channel pattern and even closed below the 100 day EMA on daily charts; further, if it surpasses the trend line as shown in the chart above then selling pressure can be seen in the counter.

 SELL BELOW 96.5000 TARGET 96.0000 SL 97.1500.

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