Market Outlook
The Rupee recovered from its initial losses and opened higher at 68.1125 and traded in the range of 68.1125 and 67.6150 throughout the day against the US dollar due to increased demand for the US currency from importers and banks,a weak domestic bourses and concerns about the repercussions of Italy’s political turmoil. However, the dollar maintained its momentum, continuing to rally against rival currencies as the political turmoil in Italy sent investors rushing to U.S. Treasuries and to the Japanese yen.

Fundamental News

• Indonesia Bank Indonesia Rate rose from previous 5.25% to 5.5% in the month of June.
• France Gross Domestic Product (QoQ) came in at 0.2% below forecasts (0.3%) in 1Q
• Spain Retail Sales (YoY) declined to 0.5% in April month from previous 1.9%.

USDINR showed negative movements throughout the session closed with loss.
If continue negative movements than it may find support around 67.4000. On higher levels above 67.8000 it can give bullish movements towards 68.0000 level.

EURINR found support on lower levels showed correction closed with partial gain.
78.6000 is seen as immediate support level for the currency pair if break this in upcoming session than continue its bearish movements.

GBPINR showed negative movements closed around its psychological level.
Sustain below support level of 89.8000 may drag it towards next support zone of 89.5000. On higher levels 90.2000 is act as resistance for it.

JPYINR unable to sustain on higher levels showed correction closed with negative note.
If currency pair sustain above its psychological level of 62.0000, than it may continue its bullish rally and find resistance around 62.5000.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *