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Market Outlook

The Rupee fell 8 paise to 67.57 against the US dollar in early trade on Wednesday amid prevailing uncertainty over the fate of Britain’s vote on EU exit. In a testimony to the US Congress overnight, Yellen said that the development could shift investor sentiment.

The dollar erased its early modest gains on Wednesday while sterling stood tall on the eve of Britain’s referendum on whether to remain in the EU. Recent opinion polls have mostly shown a shift towards keeping Britain in the Eu, but there are some signs that momentum has stalled for the ‘In’ camp and the race still looks too close to call.

Fundamental News

  • Looming Brexit vote keeps Asia FX sidelined; baht down ahead c.bank meeting.
  • Dollar steps back, sterling firms ahead of Brexit vote.
  • Sri Lankan rupee 1-wk forwards fall on importer dollar demand; stocks slip.
  • China’s yuan up slightly, anxiety before Brexit vote limits rise.

USDINR

USDINR opened stronger but Rupee appreciated thereafter throughout the session.

Intraday resistance is seen around 67.6500 above which strength can be seen while immediate support is seen around the trend line coming from recent lows i.e. around 67.3500.

USD

EURINR

EURINR opened lower as per previous close and traded in a specific range for the whole session.

On lower side, 75.8500-75.6500 is now seen as important support range on lower side while 76.5000 is acting as stiff resistance.

EUR

GBPINR

GBPINR traded on lower note in the last session after hike for consecutive sessions and closed in red.

Volatility can be seen in coming session on EU referendum and technically 99.4000 is seen as resistance while 98.8000 may act as good support.

GBP

JPYINR

JPYINR again traded on lower levels as it is constantly facing resistance on higher side.

Selling pressure may be witnessed on any closing below 64.1000 whereas 64.8000 can act as immediate resistance. It needs to give breakout on either side to confirm its trend.

JPY

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