currency market outlook for 5 june 2015

NSE currency market todays commentary

NSE euro rupee future today closed at 72.85 with whooping gains of 2%. Euro set on rally as dollar index seen correction and on fundamental support from Mario draghi’s comment. Weaker rupee also added fuel to rally. In intraday euro hit high at 73.19 and closed near it with bullish outlook. Expect gap up opening tomorrow. For eur inr future todays volume are significant and 131826 contracts are traded on exchange. Look like euro set for target of 74 plus in near term.
NSE pound rupee future closed at 99.05 with almost 1% gains in intraday. Pound also closed near highs as rupee continues to tumble and pound is recovering in international forex market. For tomorrow outlook will remain bullish here for target of 100 plus. On downside 98.5 is intraday support for gbp inr pair.
Yen rupee future also closed with gains though yen continue to fall in international la market. Weaker rupee continue to support this pair. Today jpy inr closed at 51.78 with gains of .33%. In intraday yen hit high above 52 while intraday low was at 51.71. Closed near lows with bearish outlook so expect correction in tomorrow’s trade.
Usd inr future today closed at fresh high of 64.29. In intraday us dollar hit fresh high around 64.54. But future is closed near day low of 64.26 suggesting RBI intervention and which might continue tomorrow. Also some technical bounce back is expected in equity market that might also reason to sell usdinr future in intraday with stop loss.

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Pramod Baviskar

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