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Market Outlook

The Rupee extended its gains for the second trading day today against the US currency, surging by another 15 paise to close at 66.53 per dollar on hopes of more foreign capital inflows. Sustained foreign fund inflows, weakness of the dollar against other currencies overseas after last week’s softer-than-forecast US jobs data, and a higher opening in the domestic equity market boosted the rupee value against the dollar

China’s yuan fell to its lowest level in six years early Monday, breaching a key psychological threshold, before erasing the losses on the first day of trading after a week-long holiday.

Fundamental News

  • Dollar climbs to 11-week peak on rate hike bets; pound slides.
  • Pound under pressure, peso surges on Trump trouble.
  • China’s yuan sinks to six-year low, then erases losses.
  • German exports in August 2016: +9.8% on August 2015.
  • Aussie holds gains in Asia, yen dips on core machinery orders.

USDINR

USDINR opened on a lower note after the fall so seen near resistance in the last session.

On daily charts, it is observed that continuous resistance is taken near 100 day EMA and if it holds below 66.6000 then bears extend then it may move towards deeper supports.

usd

EURINR

EURINR although opened at higher note but dragged during the session and closed on a flat to negative note.

It again took support around the crucial zone of 74.3700 and closed above it. Selling pressure can be seen below it while 74.7000-74.9000 is seen as immediate resistance range.

eur

GBPINR

GBPINR moved in a tight range for the entire session without much volatility.

If the pair is able to sustain above 83.0000 mark then it may move towards the resistance of 83.6000 while 82.6000 may act as immediate support for it.

gbp

JPYINR

JPYINR opened gap up but gradually lost the momentum throughout the session and closed flat.

On daily charts, 100 day EMA of 64.4050 is acting as strong support surpassing which can result in major sell offs. On higher side, 64.8000-65.0000 is seen as resistance range.

jbp

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