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Market Outlook

The Rupee today got off to a bumpy start as it tumbled 3 paise to 66.71 after demand for the American currency from importers went up. Fresh demand for the US unit and its gains against other currencies overseas ahead of a closely-watched ECB meeting pulled the rupee down but relatively strong opening of the domestic equity market minimised loss.
The office for National Statistics (ONS) published the UK’s retail trade for September, which showed that the UK consumer spending missed estimates across the time horizon, but managed to recover from the negative territory.

Fundamental News

  • Euro on defensive before ECB; Mexican peso firms to 6-week high after U.S. debate.
  • Ringgit over 1-week high on oil; Malaysia budget eyed.
  • German Producer prices in September 2016: –1.4% on September 2015.
  • UK retail sales show no growth in Sept, miss estimates.

USDINR

USDINR gained momentum during the session after dragging in past few sessions and closed in green territory.

If it continues the up move then it may face immediate resistance around the 100 day EMA of 67.0500 while 66.6000 will continue to act as strong support for the counter.

usdEURINR

EURINR headed higher in the later half of the session after opening gap down as seen on intraday charts.

As the trend of the counter is weak, it may slip further down on breaching the important support level of 73.2000 while key resistance is seen around 73.7500.

eurGBPINR

GBPINR moved in the same range of previous session but negative sentiments overtook the session.

It can be a crucial point for the pair as it may again hit to drop down towards the immediate support of 81.7000 whereas 82.4000 will continue to act as resistance.

gbp

JPYINR

JPYINR after opening gap down; sustained on lower levels and closed below the session in red.

The counter has been hovering around the crucial point of 100 day EMA of 64.4100 and if it holds below this then it may drop towards the major support of 64.0000.

jbp

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