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Market Outlook

The rupee on Wednesday opened 5 paise up at 63.99 against dollar on account of selling of American currency by banks and exporters.
The dollar was buoyant against the yen on Wednesday, although it was capped against the euro with a potentially supportive spike in US yields neutralised by a similar move by their German counterparts.
The pound reached a one-year high after a robust UK inflation report added pressure on the Bank of England to do more to support the currency.

Fundamental News

• United States MBA Mortgage Applications climbed from previous 3.3% to 9.9% in September 4.
• South Africa Retail Sales (YoY) below expectations (2.8%) in July: Actual (1.8%).
• Germany 10-y Bond Auction fell from previous 0.41% to 0.39%.

USDINR mainly consolidated throughout the session and closed on a flat note.
The currency pair needs to sustain above the mark of 64.0000 to continue the up move whereas any closing below 63.9000 can drag it towards 63.7000.

USD

EURINR moved in the tight range although it sustained above the previous close.
On daily chart, mark of 77.0000 is still acting as strong resistance to show the up move whereas 76.5000 may act as immediate support.

EUD

GBPINR opened with strength but could not sustain at higher levels.
If the currency pair holds above the mark of 85.0000 in the coming session then up move may continue while 84.7000 may act as immediate support for it.

GEB

JPYINR continued the bears for the third successive session and closed on negative note.
Further moving down may find 58.0000 as strong support for the currency pair. However, 58.7000 might resist it to move northwards.

JYP

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