Market Outlook

The rupee appreciated by 11 paise to 65.25 against the dollar today as rising risk appetite pushed back the US currency amid a higher opening in domestic equities. The risk-on approach pushed exporters and banks increasingly away from the dollar.
The dollar index continued to move lower on Tuesday, pressured by advances in the pound and euro as traders regained confidence in U.K. Prime Minister Theresa May and reacted to hawkish comments from a member of the European Central Bank.

Fundamental News

•    United States NFIB Business Optimism Index registered at 103, below expectations (105.1) in September.
•    Greece Industrial Production (YoY) increased to 5.6% in August from previous 1.7%.
•    United Kingdom Total Trade Balance came in at £-5.626B below forecasts (£-2.8B) in August.


USDINR pair has recovered from its support level in first half but not able to hold higher side and came down and closed near today’s low.Now it has crucial support level of 65.3000 below this down side break out can be seen. 65.6000 is major resistance.



EURINR pair continuously showed uptrend and forming higher high and higher low, which indicate more upward movements and settled the day with gain.For upcoming session, if price hold above 77.3500 then upside movement seen. 76.9500 is key support for it.



GBPINR pair has given recovery after gap down opening and conclude the day with positive note.It has 86.6000 is important resistance above this it can continue its northward journey. 86.0000 is support level below this selling can be seen.



JPYINR pair was opened with slightly negative but cover up its early loses and settled the day near to its resistance level. If the currency pair surpasses the immediate resistance of 58.3500 then it may further move towards next resistance level. 58.0000 is psychological support level.


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