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Market Outlook

The rupee on Wednesday opened 14 paise down at 63.77 against dollar on account of selling of American currency by banks and exporters.

The dollar was little changed against the other major currencies on Wednesday, as fresh tensions between the U.S. and North Korea dampened market sentiment.

USD/JPY dropped 0.53% to a two-month low of 109.74 after U.S. President Donald Trump said North Korea would be “met with fire and fury” if it continued its threats.

Fundamental News

  • United States MBA Mortgage Applications climbed from previous -2.8% to 3% in July 31.
  • Greece Consumer Price Index(YoY) remains unchanged in July.
  • Italy Industrial Output s.a. (MoM) above expectations (0.2%) in June: Actual (1.1%).
  • Portugal Unemployment Rate: 8.8% (2Q) vs previous 10.1%.

USDINR

USDINR opened on a strong note as per previous close and sustained at higher levels.

On holding above the level of 64.0000 can turn the currency pair northwards whereas 63.7500 is still seen as immediate and strong support.10aa

EURINR

EURINR had been continuing the bears since last several sessions and closed in red.

Now, on daily chart, 75.0000 has been acting as important support below which 74.8000 is immediate support whereas 75.4000 is seen as key resistance.

10bb

GBPINR

GBPINR hovered in the same range as of previous session and closed on a flat note.

Sustaining below the mark of 83.0000 may witness 82.9000-82.7000 as next support range whereas 83.5000 may resist it to move ahead.

10cc

JPYINR

JPYINR opened gap up and maintained on higher levels to close on strong note.

On moving northwards, 58.5000 is seen as immediate resistance whereas 58.0000 may support the currency pair from falling down.

10dd

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