Market Outlook

The Indian rupee on Wednesday pared gains after public sector banks bought dollars on behalf of the Reserve Bank of India (RBI).It opened 9 paise higher at 63.99 against the dollar on account of selling of American currency by banks and exporters amid sustained inflows by foreign institutional investors.
The dollar nursed its losses on Wednesday after taking a hit from solid euro zone economic data, a fall in US yields on heightened turmoil in Washington and downbeat housing data that reduced expectations of a Federal Reserve rate hike next month.

Fundamental News

•    Asian currencies edge up as dollar pressured by concerns over Trump.
•    The European Monetary Union Consumer Price Index (YoY) in line with forecasts (1.9%) in April.
•    United Kingdom Claimant Count Rate: 2.3% (April) vs 2.2%.


USDINR opened on the weak note but soon gained momentum during the session and closed above the previous close.
It is expected to take strong support around the mark of 64.0000 and sustaining above the resistance of 64.3500 can lead it higher.



EURINR continued the bull rally on the third consecutive session and closed above the major resistance.
It breached the important resistance line of 71.3000 and closing above it indicates bulls may lead towards 71.6000 whereas 71.0000 can be marked as good support.



GBPINR found support at lower levels in the previous session and closed in green territory.
If it sustains above 83.4000 then it may extend the gains towards the north and reach around 83.9000 while 82.7000 may continue to act as support.



JPYINR opened gap up and showed strong pull back from the key support levels on the daily chart.
It may show certain up move till it sustains above the psychological mark of 57.0000 while 56.8000 is seen as immediate support for the currency pair.


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