Market Outlook

The Rupee opened 3 paise up at 63.77 against dollar on Tuesday on account of selling of American currency by banks and exporters.

The dollar inched down slightly in Asian trading on Tuesday, but maintained most of the gains it made on last week’s robust employment data that kept hope alive that the US Federal Reserve could still increase interest rates this year. The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.1 per cent at 93.325.

Fundamental News

  • South Africa Business Confidence Index climbed from previous 94.9 to 95.3 in July.
  • United States NFIB Business Optimism Index registered at 105.2 above expectations (103.6) in July.
  • Greece Industrial Production (YoY) down to 1.6% in June from previous 5.4%.

USDINR

USDINR again witnessed bears after the short pull back in the last session and closed on weak note.

Now, the lower consolidation so seen near 63.7000 represents a weak sign for the pair where bears may become more active whereas 64.0500 is seen as immediate resistance.

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EURINR

EURINR dragged for the third consecutive session facing constant resistance at higher levels.

The currency pair is near to the immediate support of 75.3000 surpassing which it may fall below while 75.7500 is still seen as important resistance.

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GBPINR

GBPINR continued the downfall since last five consecutive sessions and closed on weak note.

If the bears continue in the coming session then it will find support near 82.9000 whereas 83.5000-83.7500 is seen as immediate resistance range.

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JPYINR

JPYINR moved in a range as of previous sessions and closed on a flat to a positive note.

On marching forward, the currency pair may find 58.0000 as stiff resistance whereas 57.6500 is seen as strong support for it.

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