Market Outlook

The rupee on Wednesday opened 16 paise up at 65.34 against dollar ahead of the RBI’s fourth bi-monthly policy review for 2017-18 due later in the day.
The dollar stepped back from a 1-1/2-month high against a basket of currencies on Wednesday on speculation that US President Donald Trump’s choice for the next Fed chair could be a less hawkish candidate than some had expected.

Fundamental News

•    Brazil: Industrial production headed for growth in Q3 – Rabobank.
•    US: Fed prepares market for rate rise – HSBC.
•    India: RBI is likely to keep all key rates unchanged – TDS.
•    UK: Services PMI to remain unchanged at 53.2 in September – TDS.

USDINR

USDINR pair has given sharp fall from its higher level and settled the day with negative note.Now 65.00000 is crucial support level below this its price can pull down towards deeper support level, 65.5000 has major resistance level.

1

EURINR

EURINR pair opened with negative biasness and drags down from its higher level and concludes the day closed in red territory For upcoming session if it sustain below 76.7500 then down side movement is expected. 77.0500 act as a resistance level.

2

GBPINR

GBPINR pair is not able to holds it’s upper level and came down and closed near to its days low.
If the currency pair surpasses the immediate support of 86.5000 then it may further drag down is expected 87.1500 is resistance level.

3

JPYINR

JPYINR pair started the with good gain but not able to sustain above higher level and came down and closed the day near to support level. Psychological level of 58.0000 is act as strong support for the currency pair if break than more selling pressure expected.

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