Market Outlook

The Rupee on Thursday opened 16 paise up at 64.38 against dollar on fresh dollar selling by banks and exporters.
The dollar was capped against a basket of currencies early on Thursday after Federal Reserve Chair Janet Yellen did not sound as hawkish as many had anticipated, while the Canadian dollar stood near a 13-month high after its country’s central bank hiked interest rates for the first time since 2010. The dollar slipped as Yellen’s comments sparked a significant decline in US Treasury yields.

Fundamental News

•    France Consumer Price Index (EU norm) (MoM) meets forecasts (0%) in June.
•    Germany Harmonised Index of Consumer Prices (MoM) meets forecasts (0.2%) in June.
•    Switzerland Producer and Import Prices (YoY) below expectations (0%) in June: Actual (-0.1%).


USDINR opened gap down and sustained on lower levels throughout the session.
The currency pair sustained below the support of 64.6000 which indicates that it may further slip towards the next support of 64.3000.



EURINR washed off all the gains so seen in the last two sessions and closed on weak note.
The counter closed near the crucial support of 73.5000 on daily chart and bears may continue towards next support of 73.1000.



GBPINR gained positive momentum after the reversal candlestick so formed near support levels.
Now, any closing above 83.7000 can lead it higher whereas 83.2000-83.0000 may act as important support range for the currency pair.



JPYINR tried to maintain in the range as of previous session and closed on a flat note.
On daily chart, 57.2500 is seen as good resistance sustaining above which may show some positive move while 57.0000 is marked as strong support.


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