Market Outlook

Against US dollar, the Indian Rupee appreciated by 12 paise to open at 72.4500, amid weakening of the American currency in overseas market.  However, rising crude oil prices and foreign fund outflows weighed on local currency. The U.S. dollar eased as weak U.S. manufacturing data bolstered bets on more aggressive policy easing by the Federal Reserve while the British pound moved higher on Wednesday, boosted by hopes for a Brexit delay.

Fundamental News

  • Asian stocks cheer mild risk-on despite trade/political uncertainty.
  • Australia: Annual growth at a 10 year low.
  • UK Services PMI drops to 50.6 in August vs. 51.0 expected (GBP pares gains).
  • India’s Gold imports hit three-year lows in August.
  • China asserts power to declare emergency to quell Hong Kong unrest.USDINRUSDINR showed bearish movements after negative opening closed around its support. If able to continue correction phase then it may find support around 72.0000 below which next support is seen around 71.7000.EURINREURINR found support on lower levels showed positive movements closed with gain. Psychological level of 80.0000 is seen as strong resistance for the currency pair sustaining above this mark it may find next resistance near 80.3000.GBPINR

    GBPINR showed bullish movements and closed around its resistance. Currency pair shows some correction if able to sustain below its immediate support zone of 88.0000 and drag towards 87.7000.

    JPYINR

    JPYINR showed bearish movements closed with negative note. 68.0000 is seen as immediate support for the currency pair breakout below this mark it may find next support around 67.5000.

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