Market Outlook

The rupee on Wednesday opened 8 paise up at 64.25 against dollar on account of selling of American currency by banks and exporters.
The Australian dollar has risen more than 8 per cent since the start of June, hitting 80 US cents in late July and holding that level.While gains earlier this year correlated closely with rising commodity prices, the past week or two have seen most commodities drop, including a 10 per cent fall in iron ore spot prices.

Fundamental News

•    United Kingdom Retail Sales (YoY) above expectations (1.1%) in August: Actual (2.4%).
•    Greece Current Account (YoY) rose from previous €0.842B to €1.569B in July.
•    South Africa Consumer Price Index (MoM) registered at 0.1%, below expectations (0.2%) in August.


USDINR open with negative bias after positive movements unable to sustain on higher levels closed around its support.
Now, immediate support for the currency pair is seen around 64.2000 below which again it may test psychological level of 64.0000.



EURINR faced strong resistance on daily charts drop down and closed with partial gain.
77.5000 is act as major resistance on daily charts if sustain above it than more positive momentum were expected in particular currency.



GBPINR after breakout of its major resistance closed below it and form reversal pattern on daily chart.
As it gave false beakout on higher level so some correction is expected towards next support level around 86.7000. On higher side 87.4000 is resistance for it.



JPYINR showed sideways movements for whole session and closed with nominal gain.
On higher side, resistance is still in the same range of 57.9000-58.0000 whereas 57.4500 is seen as immediate support for it.


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