Market Outlook

The Rupee today recovered by 13 paise to close at one-month high of 67.05 a dollar on fresh selling of the American currency by banks and exporters in view of sustained inflows from foreign funds amidst weakness of dollar in the overseas market.
The dollar index has had its weakest fortnight since March of last year due to improving euro zone data at a time when U.S. equivalents have looked shaky and belief is evaporating that the Trump administration would help boost growth and inflation.

Fundamental News

•    South Africa Unemployment Total rose from previous 5.781M to 6.2M in 1Q.
•    United Kingdom Markit Manufacturing PMI came in at 56.7, above expectations (56.5) in May.
•    European Monetary Union Markit Manufacturing PMI in line with expectations (57) in May.


USDINR hovered in the same range as of previous session and closed on a flat to negative note.
The currency pair is unable to hold at higher levels and 65.0000 is still acting as strict resistance whereas 64.4000 is seen as immediate support.



EURINR found difficult to sustain at higher levels which previously also acted as stiff resistance.
Sustaining above the mark of 73.0000 can help the counter to lead northwards while 72.1500 may continue to act as key support levels.



GBPINR remained volatile for the session and closed in red territory.
Strength can be witnessed till it sustains above the mark of 83.0000 and it may move towards 83.6000. On lower side, 82.8000 is seen as good support.



JPYINR did not extended the bulls so seen in the last three consecutive sessions and closed below the previous close.
Now, the important support is seen around the psychological mark of 58.0000 sustaining above which it may move towards 58.6000.


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