Forex trading tips for the day.

The USDINR opened lower on Friday, but remained above the opening level for most part of the
day. The pair later fell towards the opening level and closed near the level. The USDINR for July
expiry closed the session at 44.3825, down by 16 paisa since the previous session’s closing. The
EURINR opened higher and remained positive for the session on strong rally in Euro against major
currencies. The EURINR July future closed up 73 paisa or 1.16% at 63.8825. The Pound was also
strong tracking the firm Euro. The GBPINR July expiry future closed the session up 35 paisa at
72.3625. The pound was also supported by a batter than expected retail sales data.
The European unit rose v/s the US dollar after European finance ministers agreed on a new aid
package for Greece and assured further intervention into Greece and other struggling European
states. The single common currency had begun edging up since early last week on expectation that
the euro zone summit held on Thursday would provide some relief the mounting debt worries. The
EURUSD rose to 1.444 on Friday and closed with marginal correction at 1.4353 on Friday.
In other currency pair, the Japanese Yen has been continuously appreciating v/s the US dollar and
Indian rupee from last few days on risk aversion in the market along with weak US dollar
fundamentals. The USDJPY fell to 78.25 on Friday to close at 78.52. Currently in Asia, the USDJPY is
at 78.31 after posting a low of 78.14. The JPYINR July future closed firm by 5 paisa on Friday.
The Bank of Japan deputy governor said the bank will act flexibly and decisively with an eye on how
rises in the yen, among other factors, are affecting the economy signaling the bank's readiness to
ease monetary policy further if the country's recovery comes under threat.
Today, we may see range bound trading in US dollar again. The GBP and Euro may see some mild
correction while the underlying intraday trend remains strong.

USDINR July: The pair fell towards 44.38 levels to close near the lows. The market has opened at a tad higher and currently trading at 44.42 levels. The break below the 44.38 levels may
drag down rates to 44.30 levels. The immediate resistance is seen at 44.50 and then 44.55 levels.
EURINR July: The market is likely to find stiff resistance around 64.05-64.10 levels and if rates managed to hold above the level, then we may see some buying interest coming to the
market. Otherwise, range bound activity is likely for the session. The support for the day is seen at 63.75 levels and below that 63.55.
JPYINR July: The pair is finding resistance at 56.65 levels and breach of the same may see market testing 56.80 levels. If the market fails to breach the level then we may see a correction
towards the support of 56.20 levels.
GBPINR July: The market is likely to find resistance at 72.44 levels and breach of the same may see rates testing 72.55 levels. The support is seen at 72.20 and then 72.05 levels. Trend is
looking positive for intraday.