Market Outlook

The Rupee turned shaky after a brief overnight recovery and ended lower by 11 paise at 66.81 against the US dollar on fresh demand for the American currency from banks and importers.
The dollar held broad gains on Friday as the risk of an imminent US interest rate hike slugged sovereign bonds and commodities, even managing to sour Wall Street’s party as the reality of rising borrowing costs began to sink in. The US Federal Reserve is due to come up with the country’s economic outlook in Chicago later in the day

Fundamental News

•    European Monetary Union CFTC EUR NC net positions climbed from previous €-58.3K to €-51.2K.
•    United Kingdom CFTC GBP NC net positions: £-70.7K vs previous £-66.4K.
•    Australia CFTC AUD NC net positions climbed from previous $33.5K to $51.9K.


USDINR found support at lower levels and showed pull back in the previous session.On daily chart, the currency pair is finding strong support near 66.8500 since last few sessions and on higher side, 67.2000-67.3000 may continue to act as resistance range.



EURINR opened above the previous close and was able to sustain at higher levels to close in green.Strength can be seen till it sustains above the support of 70.5100 whereas 71.0000-71.2000 is seen as immediate resistance range.



GBPINR continued the bearish moves for the fourth consecutive session.The currency pair closed around the key support so seen on daily chart of 81.9400 below which it can further drag while 82.5000 may act as its resistance.



JPYINR was unable to sustain at higher levels and closed on a flat to negative note.Now, on daily chart, 58.5000 is seen as key support holding below which can further drag the counter. On higher side 59.0000 may resist it to move higher.


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