Market Outlook

The Rupee on Monday opened 11 paise up at 64.34 against dollar on account of selling of American currency by banks and exporters amid sustained inflows by foreign institutional investors. As global bonds reel under hawkish rhetoric by major central bankers, Alliance Bernstein and Amundi Asset Management say emerging-market currencies will weather the storm better than 2013.
The dollar carved out a 10-month trough on Monday as the diminished risk of aggressive US policy tightening sent investors piling into leveraged positions in higher yielding currencies or risky assets.

Fundamental News

•    European Monetary Union Consumer Price Index (YoY) in line with forecasts (1.3%) in June.
•    Austria HICP (YoY) declined to 2% in June from previous 2.1%.
•    Turkey 3mth quarterly jobless average down to 10.5% in April from previous 11.7%.


USDINR opened the session on a weak note and sustained on lower levels for the whole session.
In the coming session, if it sustains below 64.5000 then it may drop towards the immediate support of 64.3000 whereas 64.6000 will continue to act as resistance.



EURINR strengthened after the short pull back in the previous session and closed on strong note.
If the currency pair holds above the mark of 74.0000 then it may further move northwards whereas 73.7500 is seen as immediate support for it.



GBPINR opened gap up on back of strong GBP and sustained at such levels.
The currency pair closed above the mark of 84.0000 which indicates strength and may lead it towards the key resistance of 84.7000.



JPYINR opened higher and continued the up move throughout the session.
It closed above the key resistance of 57.2500 which may strengthen it to move towards the next resistance of 57.6000 as seen on daily chart.


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