Market Outlook

The Rupee opened 14 paise down at 64.64 against dollar on Tuesday on account of selling of American currency by banks and exporters. Meanwhile, domestic equity markets opened on cautious note.
Asian currencies slipped on Tuesday against a firmer dollar as political uncertainty in Britain and the euro fell on concerns over a bailout for Greece, as eurozone finance ministers failed to agree with the International Monetary Fund last week on Greek debt relief.

Fundamental News

•    European Monetary Union Industrial Confidence registered at 2.8, below expectations (3.2) in May.
•    Greece Producer Price Index (YoY) rose from previous 7.7% to 7.9% in April.
•    Italy 10-y Bond Auction fell from previous 2.29% to 2.15%.
•    Portugal Consumer Confidence climbed from 1.8 to 0.1 in May.


USDINR opened higher and sustained at such levels to close the session in green.
The currency pair is again near to the mark of 65.0000 which may act as stiff resistance for it whereas 64.7000 is seen as immediate support.



EURINR opened gap down and showed a bounce back in the second half to close on a flat note.
On daily chart, if it surpasses the level of 72.6000 then it may further lead towards higher levels whereas 72.1000-72.0000 may act as support range.



GBPINR continued the positive momentum for the whole session and closed on strong note.
If the currency pair continues the move then it may find immediate resistance around the mark of 84.0000 while 83.3500 is seen as immediate support.



JPYINR bounced as per the previous session’s close on daily chart and closed the session on strong note.
If the bull momentum continues then it may lead towards the next resistance of 58.9000-59.0000 while 58.3500 will continue to act as important support.


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