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Market Outlook

The Rupee trimmed its initial gains but was still quoting up by 4 paise to 66.95 against the American currency in late morning deals on bouts of dollar selling by exporters amid gains in equities after the approval for passage of GST in the Rajya Sabha yesterday.

The Pound fell to the day’s lows after the Bank of England slashed interest rates to record lows and boosted its quantitative easing program to offset the effects of the June 23 vote to exit the European Union. The BoE cut interest rates to a record-low 0.25% in a bid to buffer the economy from a downturn following the U.K. referendum vote..

Fundamental News

  • Sterling hits day’s lows after BoE cuts rates, up QE.
  • Swiss Consumer sentiment remains subdued.
  • Sales growth across Germany and France offset by downturn in Italy.
  • Greece Unemployment Rate (MoM) up to 23.5% in May from previous 23.3%.

USDINR

USDINR took stiff resistance around 100 day EMA on daily charts for last two consecutive sessions and closed flat.

Now, strength can be observed on any closing above 67.3000 while 66.9500 may again act as good support for the currency pair.

USD

EURINR

EURINR broke the bull rally which it was exhibiting in last few successive sessions and closed weak.

On daily charts, closing below the trend line coming from recent support      indicates further bearishness towards deeper support while 75.3000 is seen as immediate resistance.

EUR

GBPINR

GBPINR showed sharp fall near the end of the session as BoE cuts rates.

It washed off all the gains made by the counter in last two consecutive session and closed around the support of 88.3500 below which it may drag towards 87.8000.

GBP

JPYINR

JPYINR was unable to extend the gains which it was carrying since past few sessions.

On daily charts, 66.6000 is still acting as strict resistance for the pair whereas 65.6000-65.2000 is seen as support range from current levels.

JPY

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