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Market Outlook

The Rupee weakened by 2 paise to 66.98 against the dollar in early trade at the Interbank Foreign Exchange market today on fresh demand for the American currency from importers. Strength in dollar against some currencies overseas and weakness in domestic equities in the opening trade also weighed on the rupee.

The yen edged up against the dollar on Tuesday, as traders doubted that the Bank of Japan will be able to meaningfully weaken the yen when it meets on Wednesday, and betted that the U.S. Federal Reserve will not raise interest rates.

Fundamental News

  • Asia FX dips on BOJ, Fed anxiety; Taiwan dollar resists.
  • Yen edges up as traders doubt BOJ’s firepower.
  • General USD sales noted as Europe shakes off its sleepy dust.
  • German Producer prices in August 2016: –1.6% on August 2015.
  • Sri Lankan rupee edges up on state bank dollar sales.

USDINR

USDINR showed up move in the beginning of the session but was unable to breach the resistance and closed in green.

On daily chart, 100 day EMA 67.1500 is continuously acting as a hurdle for the counter to move northwards while sell offs can be seen below 66.9000.

usd

EURINR

EURINR gained momentum today after the last session’s downfall and closed in green territory.

Strength can be observed in the currency pair till it sustains above 75.0000 mark. On lower side, 74.7500  may act as important support.

eur

GBPINR

GBPINR continued the bearishness for the third consecutive session and closed below the crucial support.

Selling pressure is expected in this counter till it holds below 87.2800 and next key support is seen around 86.3800. Resistance is seen in the range of 87.3000-87.5000.

gbp

JPYINR

JPYINR moved in a specific range for most part of the session and closed on a flat note.

On higher side, bulls can strengthen if it hikes above 66.0000 whereas 65.5700 may support the counter from falling.

jpy

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