Market Outlook

The Rupee opened on a flat note at 64.34 against dollar on Wednesday ahead of the US Fed policy rate decision, which is scheduled to come out later in the day.
The dollar reached a more than three-week high versus the yen on Tuesday, after an influential Federal Reserve official said US inflation should rise alongside wages, reinforcing expectations for the Fed to keep raising interest rates. The dollar was lifted on Monday when New York Fed President William Dudley said that tightening in the labour market should help drive up inflation.

Fundamental News

•    European Monetary Union Current Account n.s.a declined to €21.5B in April from previous €44.8B.
•    Greece Current Account (YoY) climbed from previous €-1.324B to €-0.462B in April.
•    Sweden Unemployment Rate came in at 7.2%, above expectations (7.1%) in May.


USDINR did not show any major moves during the session and closed on a flat to positive note.
If the positive move continues then 64.7000-65.0000 may act as resistance range whereas 64.3000 may continue to act as important support.



EURINR opened with negative bias and continued the trend throughout the session.
Closing of the pair on daily chart indicates that sustaining below the mark of 72.0000 may result in selling pressure while 72.4000 is seen as good resistance for it.



GBPINR closed below the previous close and dropped as if was a free fall during the session.
The currency pair closed below the mark of 82.0000 and now 81.5000 is seen as major support on daily chart while 82.4000 may resist it.



JPYINR sustained below the previous close and closed the session in red territory.
If the currency pair sustains below the mark of 58.0000 then it may further drag towards the deeper support of 57.6000 while 58.3000 may act as immediate resistance.


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