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Market Outlook

The rupee on Thursday rose 1 paisa to 67.14 against the US dollar after the US Federal Reserve retained the status quo on its policy rate, while the Bank of Japan (BoJ) decided to refrain from offering additional stimulus to its ailing economy. Most Asian currencies jumped following the dollar weakness. The Indonesian rupiah, the Malaysian ringgit, the Korean dollar, the Singapore dollar, the Japanese yen and the Thai baht, among others, rose up to 0.4 per cent against the greenback.

UK retail sales continued to tick higher for the second straight month in May, mainly driven by pick-up in clothes and footwear sales.

Fundamental News

  • Yen soars as Bank of Japan holds off from further easing.
  • Annual inflation up to -0.1% in the euro area and in the EU.
  • Greece Unemployment Rate (QoQ) up to 24.9% in 1Q from previous 24.4%.
  • UK retail sales extend rebound in May, beat estimates.
  • Sri Lankan rupee 1-wk forwards little changed; dollar demand weighs.

USDINR

USDINR remained higher for another session and was able to close in green.

On daily charts, 67.5000 is acting as strict resistance and any closing above it can lead it towards higher levels whereas 67.0500 is seen as good support.

USD

EURINR

EURINR sustained on higher side for first part of the session but dragged heavily down in later half to close in red.

Major resistance so faced by the counter is 75.7000-76.1000 while 100 day EMA of 75.1500 is still seen as important support.

EUR

GBPINR

GBPINR is consolidating in the same range since last four consecutive sessions.

On daily charts, 95.0000 is constantly acting as key support holding below which can result in major sell offs while 95.7000 is seen as important resistance.

GBP

JPYINR

JPYINR soared in early trades as BoJ holds off from further easing and closed strongly above surpassing the immediate resistance levels.

Now, next psychological resistance is 65.0000 while 63.7500 may act as important support from current levels.

JPY

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