Market Outlook

The Indian rupee on Wednesday weakened marginally against US dollar tracking losses in its Asian peers after Federal Reserve official downplay the need for aggressive monetary easing. On June 25, the domestic currency ended flat at 69.36 against the US dollar as geopolitical tensions in the Middle East dampened forex market sentiment. Rupee consolidated in a narrow range despite volatility in major crosses on the global front and in the next couple of session’s market participants will be a little cautious ahead of the important G20 meeting.

Fundamental News

  • Dollar inches higher after Fed curbs dovish enthusiasm.
  • Asian currencies drop as Fed talks down easing prospects.
  • Pound Euro (GBP/EUR) Exchange Rate Steadies as German Consumer Confidence Eases.
  • Euro to US Dollar Exchange Rate down from Quarterly Best on Fresh Central Bank Speculation.

USDINR after positive opening unable to sustain showed correction and closed with loss.

Currency pair continues its bearish movements if sustain below immediate support of 69.5000 and find next support around 69.0000.

EURINR opened with partial loss showed negative movements closed around its support.

If continue bearish movements in upcoming session then currency pair found support near 79.0000 below which it is more bearish.

GBPINR showed bearish movements found support and closed with negative bias.

Sustaining on lower levels currency pair continue negative movements and drag towards its strong support zone of 88.0000.

JPYINR after negative opening showed bearish movements closed with negative note.

Now, 64.5000 is seen as strong support zone for the currency pair breakout below this mark it may shows more bearish movements towards 64.3000.

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