Market Outlook

The rupee on Monday plummeted by a whopping 30 paise to close at an over one-month low of 64.88 against the US dollar due to fresh demand for the American currency from importers. This is the lowest close for the home currency since May 23, when it had ended at 64.89 against the US dollar.
The dollar steadied on Tuesday after rallying on upbeat US data that boosted Treasury yields to seven-week highs, while the focus turned to the Reserve Bank of Australia’s policy decision to see if it would join a growing list of central banks adopting a hawkish tilt.

Fundamental News

•    European Monetary Union Producer Price Index (YoY) came in at 3.3% below forecasts (3.5%) in May.
•    Sweden Riksbank Interest Rate Decision meets forecasts (-0.5%).
•    pain Unemployment Change registered at -98.3K above expectations (-120.3K) in June.


USDINR found stiff resistance above 65.0000 and closed around day low.
Now for coming session if it sustain below 65.0000 marks than it may drag towards support level of 64.6500 on higher side 65.1500 is act as major resistance.



EURINR showed bearish movement in whole session and closed on lower note.
Form bearish engulfing pattern on daily charts which will shows more correction occur in currency pair up to immediate support level i.e. around 73.5000.



GBPINR opened with negative bias continue bearish movement and closed below its support.
If sustain below 84.0000 than bears may active and take it towards next support zone of 83.7000-83.5000. On higher level 84.7000 is resistance for it.



JPYINR broke its major support level of 57.5800 and closed below it.
Now immediate support for the currency is seen around 57.2000 below which more selling pressure take it towards 56.8000 levels.


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