WEDNESDAY FX OUTLOOKS:- RUPEE CALM, DOLLAR RANGE, YEN DOWN, EURO STABLE, GBP UP!!

USDINR

On Wednesday, USDINR likely to commence between 81.95-82.05 levels despite dollar subdued as well as Indian equity market trading at record high.

• US condemns vandalism at Indian consulate in San Francisco

• Financials help Indian shares extend gains to new highs

• HSBC chases wealthy clients in India with private bank launch

• Billionaire Ambani's Reliance Jio renews rural India push with $12 4G phone

• S&P says Indian companies in 'good credit shape'

USDINR TECHNICAL

Day Trend: - HOLD

Weekly Trend: - HOLD

INTRADAY RANGE – 82.27 (82.10 – 81.93) 81.76

THE FX MARKET

• Dollar calm in early Asian session, while the Aussie dollar retreated after the Reserve Bank held rates steady at its latest policy-setting meeting.

• EUR/USD trading in range early Asian session, even as German exports fell in May, suggesting a difficult trading environment for Europe's manufacturing powerhouse. However, the European Central Bank is likely to continue its historic series of interest rate increases, with another hike later this month likely.

• GBP/USD up, with the Bank of England also likely to continue hiking interest rates as the country's inflation rate remained at 8.7% in May, the highest of any major advanced economy.

• USD/JPY corrected, with the yen hovering just around seven-month lows as markets continued to watch for any potential intervention by the government in currency markets.