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Market Outlook

The Rupee advanced 13 paise to 66.48 against the US dollar in early trade today at the Interbank Foreign Exchange on increased selling of the American currency by exporters and banks. A higher opening in the domestic equity market also supported the domestic unit.

The manufacturing sector activity in UK surprised the markets to the upside in the month of September, extending further into the expansion territory, as Brexit-related concerns appear to have taken a back-seat last month. The final Purchasing Managers’ Index jumped to 55.4 points in Sept, as compared to a 53.3 reading booked in Aug.

Fundamental News

  • Sterling hits 3-year low vs euro as Brexit deadline set.
  • Deutsche Bank relief, China factory activity supports Asia FX.
  • China’s Yuan joins elite club of IMF reserve currencies.
  • UK manufacturing PMI surprises positively in Sept, highest since mid-2014.
  • Swiss retail trade turnover falls by 2.9%.

USDINR

USDINR opened on lower note and could not gain momentum for the whole session and closed flat.

If it is able to hold above 67.0000 then it may lead higher otherwise it is expected to find support around 66.6800 surpassing which can result in major sell offs.

usd

EURINR

EURINR again found strong pull back from the support levels and closed higher.

On daily charts, it is found that constant support is taken around 74.6500 by the counter while 100 day EMA of 75.1000 acts as immediate resistance.

eur

GBPINR

GBPINR extended its weakness so shown in the previous session and again closed on weak note.

On daily charts, it closed at the key support mark of 86.1000 and further selling pressure can drag it on deeper supports whereas 86.5000 is seen as immediate resistance.

gbp

JPYINR

JPYINR sustained on lower levels after resisting at higher levels in the previous session.

It is near to the strong support of 65.7000 and any closing below it can further result in weak trend whereas 66.7000 will act as major resistance from current levels.

jpf

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