Market Outlook

The Rupee on Tuesday opened 9 paise up at 64.10 against dollar on account of buying in American currency by banks and importers.
The dollar skidded to a six-week low versus the yen on Tuesday, its outlook clouded by US political turmoil and doubts over whether there will be another Federal Reserve rate hike this year. Growth in the world’s largest economy picked up to 2.6 per cent in the second quarter, matching expectations of economists polled by Reuters, but growth in the first quarter was revised down to 1.2 per cent.

Fundamental News

•    United Kingdom 10-y Bond Auction declined to 1.27% from previous 1.38%.
•    European Monetary Union Gross Domestic Product s.a. (QoQ) in line with forecasts (0.6%) in 2Q.
•    Germany Markit Manufacturing PMI came in at 58.1 below forecasts (58.3) in July.

USDINR

USDINR opened below the previous close and sustained on lower levels for the entire session.
Now, on daily chart, 64.2500-64.0500 is seen as good support range whereas 64.5000 is still continued to act as key resistance for the counter.

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EURINR

EURINR showed gap up opening and sustained at higher levels.
Closing above the mark of 76.0000 is a sign of strength where 76.2000-76.3500 is seen as immediate resistance range while 75.7000 may act as important support.

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GBPINR

GBPINR continued the bulls of the previous session and closed on a positive note.
On daily chart, the currency pair surpassed the key resistance of 84.8000 and closing above it indicates strength for the counter where next resistance is seen near 85.4000.

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JPYINR

JPYINR faced resistance at higher levels and closed on a flat note with negative bias.
Any closing below 58.1000 can be a weak sign for the currency pair as it may further drop towards deeper supports while 58.5000 may continue as important resistance.

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