Market Outlook

The rupee on Friday resumed its record- setting spree after a brief pause and closed at a fresh two- year high of 63.58.
Dollar was set for its biggest one-day gain against a basket of major currencies so far this year after a strong U.S. July payrolls report and comments from National Economic Council director Gary Cohn about lowering U.S. corporate tax rate. which measures the greenback against six major rivals, jumped about 1 percent to a week high of 93.774 after the Labor Department said nonfarm payrolls increased by 209,000 jobs last month and Cohn’s comments. It was last up 0.7 percent at 93.529.

Fundamental News

•    European Monetary Union CFTC EUR NC net positions down to €82.6K from previous €90.8K.
•    United States CFTC USD NC net positions dipped from previous $108.2K to $79.5K.
•    Canada Unemployment Rate came in at 6.3%, below expectations (6.5%) in July.


USDINR continued bear moves in the last session and closed near support levels.
In the coming session, if it surpasses the immediate support level of 63.0000 then it may further drop whereas 64.0000 may continue to act as stiff resistance.



EURINR opened on higher note but could not sustain at such levels and closed on a flat note.
On lower side, 75.5500 is seen as near support for the currency pair whereas 76.2000 is still seen as good resistance for it.



GBPINR continued the downfall since last three consecutive sessions and closed on weak note.
The counter may find support near 83.7500 holding below which can further drag it lower while 84.0000-84.2000 is seen as immediate resistance range.



JPYINR showed positive move after the previous session’s gains and closed in green.
Although not so much volatility was seen during the session, the mark of 58.0000 is seen as important resistance sustaining above which can further intensify bulls.


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