Friday, 1 June 2018

Good Morning!

Indian retains its spot as world’s fastest growing major economy after growing 7.7% in the January – March quarter highest in last seven quarters.
Bank of Japan decides to cut down its 5 – 10 year bond purchases from 450 Bln Yen to 430 Bln Yen.
U.S President Donald Trump decided to impose tariffs on imports aluminum and steel from Canada and Mexico.
Euro is set for a positive close for the first time in six weeks after Italy’s president has given Prime minister designate Conte an approval to form government.
Asian equities were seen trading higher this morning.
Indian rupee is expected to open near 67.44 a dollar and USDINR is likely to trade between 67.65 – 67.25 with slight dips initially followed by pullbacks.

Karvy Forex

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Volume and Open Interest suggesting an accumulation in USDINR

USDINR futures prices were seen consolidating while  volumes  and OI were seen increasing suggesting accumulation.