Market Outlook

The Rupee opened at 66.9425, made a high of 66.8025 and a low of 67.1000. Rupee hovering in the range of previous day, between 67.1000 to 66.8025 of 29 paisa during trading hours against the dollar on increased selling of the greenback by exporters and banks.

Against a currency basket, the dollar rose against most major currencies on Friday, heading for a third straight week of gains. Inflation increased to almost 11 percent in April, data showed on May 3, stoked by the lira’s fall against the USD, now at more than 11 percent this year.

Fundamental News

  • Russia Central Bank Reservesof Russia $ fell from previous $463.8B to $460.4B.
  • Ivey Purchasing Managers Index s.a Canada above expectations (60.2) in April: Actual (71.5).
  • Unemployment Rate of United States below forecasts (4%) in April: Actual (3.9%).

USDINR

USDINR showed bullish movements closed above its resistance level. Now, if able to sustain above resistance level of 67.0000 than it may continue bullish rally and may find next resistance around 67.5000.

EURINR

EURINR open with partial gain showed sideways movements closed around its intraday support. Currency pair unable to sustain on higher levels form strong consolidation may give negative movements if give breakout below it and found support near 80.0000.

GBPINR

GBPINR showed positive movements showed correction in last hour closed with partial gain. 90.8000 is immediate support mark for it if give breakout below this level than it may shows more correction and drag towards 90.5000 level.

JPYINR

JPYINR open with positive bias showed bullish movements and closed around its day high. If continue bullish rally than next resistance is seen near 61.8000 above which it may face resistance of 62.0000. On lower levels 61.3000 is support for it.

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