Market Outlook

Rupee was trading at 64.21 against dollar in early trade on account of buying of American currency by banks and importers.
The dollar stalled against its major peers on Friday, its mild bounce earlier petering out ahead of the second quarter US economic growth data due later in the session. The greenback, which had sunk to a 13-month low midweek after the Federal Reserve’s policy statement suggested it was in no hurry to raise interest rates again, received a lift on Thursday as Treasury yields rose on the back of upbeat US durable goods and trade data.

Fundamental News

•    United States Michigan Consumer Sentiment Index above forecasts (93.1) in July: Actual (93.4).
•    Brazil Inflation Index/IGP-M came in at -0.72% below forecasts (-0.65%) in July.
•    Germany Consumer Price Index (YoY) above expectations (1.5%) in July: Actual (1.7%).

USDINR

USDINR hovered in the same range as of previous session and closed on a flat note.
The currency pair has still not broken the range in which it has stuck since last week. On higher side, any closing above 64.5500 can strengthen it while 64.3000 is seen as support.

1

EURINR

EURINR strengthened gradually during the session and closed the session in green.
On higher side, the mark of 76.0000 may continue to act as strong resistance for the counter while 75.2500 is seen as immediate support.

2

GBPINR

GBPINR opened the session on lower note and sustained there for the whole session.
If it breaches the near support of 84.2000 then it can be a weak sign for the pair while 84.5500 is seen as immediate resistance for it.

3

JPYINR

JPYINR remained in the same range as of last session and closed on a flat note with positive bias.
If the pair sustains above the mark of 58.0000 then positive move may continue to take it towards the resistance range of 58.2000-58.5000 while 57.7500 is key support.

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