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Market Outlook

The Rupee appreciated 12 paise to 66.76 against the US dollar today, propped up by fresh selling of the American currency by exporters and banks amid a higher opening in the domestic stock market. Weakness in the dollar against other currencies overseas on unexpected fall in a US manufacturing index made the rupee stronger.

The UK consumer prices accelerated on yearly basis in September, coming in at 1% versus August’s +0.6% and outpaced forecasts of a 0.8% reading, the Office for National Statistics (ONS) revealed on Tuesday. The rate in September 2016 was the highest since Nov 2014.

Fundamental News

  • Dollar retreat supports Asia FX; yuan turns weaker.
  • UK CPI rises above expectations in September, highest in 2 yrs.
  • United Kingdom Retail Price Index (MoM) above forecasts (0.1%) in September: Actual (0.2%).
  • United Kingdom Retail Price Index (YoY) meets forecasts (2%) in September.

USDINR

USDINR sustained on lower side after gap down opening and closed in red territory.

If the counter continues to slide down then 66.6000 is seen as key support level and 67.1000 is still expected to act as important resistance for it.

usd

EURINR

EURINR dragged gradually on lower side throughout the session after it found resistance at higher levels.

The pair is expected to continue the weak trend and selling pressure may increase if it breaches the support of 73.4000 while 73.7500 is seen as immediate resistance.

eur

GBPINR

GBPINR gained certain momentum after several sessions of bearishness and settled in green.

On further correction on higher side, 82.2000-82.6000 may act as resistance range  while on lower side, 81.3500 is still acting as key support for the pair.

gbp

JPYINR

JPYINR in the last session faced stiff resistance on higher side and dropped to close on lower note.

Negative breakouts can occur in the counter if it surpasses the strong support of 64.0000 while 100 day EMA of 64.8100 will continue to act as crucial resistance on daily chart.

jbp

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