Market Outlook

The Rupee recovered by 2 paise to 66.83 against the dollar in early trade today on mild selling of the US currency by exporters amidst higher opening in the domestic equity market.

The Eurozone’s second-quarter GDP deteriorated slightly on both a quarterly and annual basis, with growth of 0.3% and 1.6%, respectively, following gains of 0.6% and 1.7% seen previously. Further, EU28 states dropped 0.4% vs 0.5% prior q/q, and on annualized basis remained unchanged at 1.8%. Meanwhile, Euro zone industrial production hiked 0.6% on a monthly basis in June, a rebound from the 1.2% fall previously.

Fundamental News

  • Emerging Asian bonds rally as investors hunt for yield.
  • Sri Lanka rupee steady; exporter dlr sales offset by importer demand.
  • Hawkish Fed remark, weak China data weigh on Asia FX; weekly gains seen.
  • German Wholesale prices in July 2016: –1.4% on July 2015.
  • German Consumer prices in July 2016: +0.4% on July 2015.


USDINR opened on lower sides but extended towards north in the later half of the session and closed on a flat note.

It can be a region of pull back for the counter if it is able to hold above the resistance of 67.1000 while weakness can be seen below 66.9000.



EURINR sustained below the previous session’s lows but gained momentum in the later half to close in green.

On daily charts, 100 day EMA i.e. 75.0000 is still acting as key resistance whereas 74.5500 may act as crucial support for the currency pair.



GBPINR again hovered near the same support range as in last few sessions and closed on a weak note.

On lower side, 86.6500 is seen as major support for the pair breaching which can result in large sell offs while intraday resistance range is seen around 87.0000-87.2000.



JPYINR opened gap down and maintained on lower side for the entire session to close in red territory.


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