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Market Outlook

The domestic currency rose 6 paise to 67.11 against the US dollar in early trade on Wednesday amid a positive trend in Asian currency markets. The Chinese yuan was trading 0.07 per cent higher at 6.68 per dollar ahead of the trade surplus data. The Japanese yen advanced 0.16 per cent to 104.50 against the greenback ahead of industrial output data .The data is likely to show further contraction in industrial activity in Japan and may raise hopes for additional stimulus by the Bank of Japan.  The safe-haven yen had tumbled 4 percent against the dollar since the start of the week, its worst performance since November 2014.

Fundamental News

  • Global stock market rally had dimmed yen’s safe haven appeal.
  • Sterling firms as more political clarity emerges in Britain.
  • Expectations of more economic stimulus in Japan have contributed to the recovery in risk sentiment.

USDINR

USDINR opened with partial loss drag more in second half closed below support.

Closing below support level may indicate more selling pressure in it towards the support level of 67.0000 below which next support is 66.7000.

USD

EURINR

EURINR opened gap down and sustained on lower levels for whole session.

Now, 74.5500 is act as immediate resistance for it above which next resistance is seen near 75.0000. Bears may active if it breaks 74.1500.

EUR

GBPINR

GBPINR opened gap up unable to sustain on higher levels and showed some correction.

Now, immediate support is seen around 88.7000 below which it may again in weak zone and may find next support around 87.9000.

GBP

JPYINR

JPYINR showed sideways to negative movement and broke support in last trading hour.

Now, if it breaks support of 64.0000 then major support is seen around 63.6000. On other hand if sustain above 64.7000 then next resistance is 65.3000.

JPY

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