Market Outlook

Indian rupee ended higher by 20 paise at 69.36 per dollar vs Tuesday’s close 69.56. Rupee rose on Monday primarily on back of weakness in the dollar against its major crosses ahead of important FOMC policy statement. Federal Reserve in its policy statement held rates unchanged and held out hope that weak inflation will edge higher. Fed Chairman hinted that that the central saw no compelling reason to consider a rate cut in response to weak inflation, thereby prompting a modest selloff in equity markets and pushed bond yields higher.

Fundamental News

  • Euro area annual inflation up to 1.7%
  • UK Service sector returns to growth in April, but subdued demand continues.
  • Consumer prices increased by 0.2% in April.
  • Industrial producer prices down by 0.1% in euro area.
  • Eurozone CPI jumps but euro loses ground.

USDINR opened with partial gain unable to sustain closed with negative bias. Currency pair continues its bearish movements in upcoming session if able to sustain on lower levels and drag towards support zone of 69.0000.

EURINR after negative opening showed bearish movements closed with loss. Sustaining below resistance zone of 78.0000 currency pair shows more negative movements and finds support around 77.0000.

GBPINR showed bearish movements throughout the session closed around its support. Psychological level of 90.0000 is seen as strong support for the currency pair breakout below this level it comes in bearish zone.

JPYINR showed sideways to bearish movements closed around its intraday support. Now, 62.2000 is act as immediate support for the currency pair sustaining below which it may shows bearish movements towards 62.0000.

 

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