Market Outlook
The rupee hit a fresh 16-month low and opened at 68.2475 against the US dollar on account of sustained dollar demand from importers and banks amid higher dollar overseas. Moreover, Weakness in the greenback against other currencies overseas along with a positive closing of local bourses supported the rupee recovery momentum. The dollar rose against the other major currencies, after climbing to a fresh new high this year on Monday. Traders are awaiting the release of minutes of the US Federal Reserve’s early-May policy meeting later in the day.

Fundamental News

• European Monetary Union Markit Manufacturing PMI came in at 55.5 below forecasts (56) in May.
• Germany Markit PMI Composite came in at 53.1 below forecasts (54.7) in May.
• Turkey Consumer Confidence down to 69.9 in May from previous 71.9.

                       USDINR

USDINRUSDINR showed positive movements closed around its resistance level.
68.5000 is act as immediate resistance for the currency, some correction can be seen if unable to sustain above it and may find support around 68.2000.

EURINREURINR showed negative movements closed near to its support zone.
Trades around its psychological support level if maintain above it than correction can be seen and may find resistance around 80.6000.

GBPINRGBPINR showed negative movements closed around its strong support level.
Sustaining below 91.2000 may drag currency pair towards next support level i.e. around 90.7000. On higher levels 91.6000 is act as resistance.

JPYINRJPYINR showed bullish movements throughout the session closed above its resistance level.
Now, 62.0000 is act as strong support level for the currency pair, if maintain above it than continue positive rally towards 62.8000.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *