Market Outlook

The rupee Friday fell 47 paise to trade at 69.9850 against the US dollar in early trade following foreign fund outflows and rising crude prices after Iran said it had shot down a US military drone. Subdued sentiments in domestic equity markets also influenced the trading pattern in the currency market. On the flip side, the dollar kept losing ground to other major currencies on Friday in Asia after the U.S. Federal Reserve signaled interest rates cut to prop up economic growth.

Fundamental News

  • PBOC rose Yuan’s fixing by 333 pips to 6.8472 per USD, highest since May 14.
  • Trump Approves Strikes on Iran, but Then Abruptly Pulls Back.
  • Indonesian central bank “allowing” Rupiah to strengthen, USD/IDR hits 2-month lows.

Japan’s Inflation Slows in May as Pressure to Act Builds on BOJ.USDINR

USDINR opened with positive bias showed correction closed with gain.69.5000 is seen as immediate support zone for the currency pair sustaining below this it may shows bearish movements towards 69.3000.

EURINR

EURINR after positive opening showed sideways movements closed with positive bias.Sustaining above 79.0000 mark in upcoming session currency pair continue bullish rally and find resistance near 79.3000.

GBPINR

GBPINR unable to sustain on higher levels showed correction closed with loss.Immediate support for the currency pair is seen around 88.0000 mark below which it may shows more bearish movements and find support around 87.7000.

JPYINR

JPYINR showed correction from higher levels closed with positive note.Now, 65.0000 is act as strong resistance zone for the currency pair only above this mark it may shows positive movements.

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