Globally,
manufacturing and service PMIs, although below 50, but beat the expectation in
Europe and UK. EU’s manufacturing PMI released at 46.9 against expectation of 43.8
and service PMI released at 47.3 against expectation of just 40.5.
Consequently, EUR/USD pair first spiked to 1.1350, before settling near 1.1320
levels. On the other hand, Boris Johnson announced that UK will withdraw
lock down measures in July, to support economic activity.
On
the domestic front, Indian and Chinese armies announced the disengagement at
LAC border, leading to rally in rupee and equity markets. Nifty index is
trading in green near 10,550 levels, multi month high. Partially convertible
rupee gained nearly 30 paisa against US counterpart. The weakness in USDINR
pair is further supported by a decline in the US dollar index, which fell to
96.6 levels. USDINR pair has near support at 75.45-50 levels and resistance at
75.75-80 levels.
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