Market Outlook

The rupee on Friday opened 21 paise up at 63.84 against dollar on account of selling of American currency by banks and exporters.
The euro reached a 2.5 year high versus the dollar on Friday, as a policy meeting by the European Central Bank gave bulls cause for short-term optimism and did little to support the beleaguered US currency. Asked when the central bank will decide on potential policy tapering, ECB President Mario Draghi said on Thursday the bulk of these decisions will probably be taken in October.

Fundamental News
•    Greece Industrial Production (YoY) climbed from previous 1.6% to 1.7% in July.
•    United Kingdom Total Trade Balance registered at £-2.872B above expectations (£-3.25B) in July.
•    Turkey Industrial Production (YoY) increased to 14.5% in July from previous 3.4%.


USDINR surpassed the important mark of 64.0000 on daily chart.
If the currency pair sustains below this mark then weak trend may continue whereas 64.1000-64.3000 is seen as resistance range.



EURINR continued the bull move on daily chart and closed strong in green.
Now, 77.5000 is seen as immediate resistance whereas 76.9000 is seen as key support for it.



GBPINR continued the strong move on daily chart and closed above the key resistance level.
Continuing the trend, it may find 84.5000-84.7000 as immediate resistance range while 83.9000 as support.



JPYINR opened gap up and continued the bull run towards higher levels.
Closing above 59.4000 is a strong sign and now 60.0000 is seen as next resistance mark while 59.3000-59.0000 is seen as support range.


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