Market Outlook

The rupee on Wednesday opened 6 paise up at 64.96 against the dollar on account of selling of American currency by banks and exporters. The local currency yesterday tumbled by 28 paise to close at 65.02 a dollar.

The dollar strengthened to a one-week high against a basket of major currencies on Tuesday, supported by a rise in Treasury yields following a report US President Donald Trump was edging towards choosing a hawk as the next head of the Federal Reserve.

Fundamental News

  • United Kingdom Average Earnings including Bonus (3Mo/Yr) came in at 2.2%, above forecasts (2.1%) in August.
  • Germany 30-y Bond Auction dipped from previous 1.27% to 1.22%.
  • European Monetary Union Construction Output s.a (MoM) down to -0.2% in August from previous 0.2%.

b1

USDINR pair continued its upward journey and settled the day with a good gain.

Now, 65.3000 is important resistance level above this it can take further upside movement towards next resistance level. 64.8500 is immediate support.

b2

EURINR pair unable to manage its upper level and came down settled the day with the negative note.

For upcoming session, if its price manages above 76.9000 marks then some bounce back can be seen. 76.4000 is crucial support level below this it can continue its downtrend.

b3

GBPINR pair showed some recovery from its support level in the first half but unable to hold higher side and came down and closed near support.

It has a crucial support level of 85.5000 below this downside movement can be seen. 65.6000 is major resistance

b4

JPYINR pair pulls down after breaking its major support level, settled the session near to its days low.

If its price sustains below 57.7000 then downward correction may be expected. 58.2000 is resistance level.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *