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Market Outlook

Gaining for the third day, the rupee appreciated by a modest 3 paise to 66.79 against the US dollar today on continued selling of the American currency by banks and exporters. However, a markedly sluggish trend in early trade in the domestic equity market kept the gains on a tight leash.
China’s yuan traded firmer on Wednesday, supported by dollar sales after the People’s Bank of China fixed the yuan’s daily midpoint at a stronger level for the first time in four days. China’s central bank set the midpoint rate at 6.7705 per dollar.

Fundamental News

•    Aussie shines after inflation data, dollar retreats from highs.
•    Dollar off 9-month highs hit on U.S. rate hike bets.
•    China’s yuan firms on dollar sales after c.bank’s firmer fixing.
•    German Consumer confidence slides below the ten-point mark.
•    German Import prices in September 2016: –1.8% on September 2015.

USDINR

USDINR slipped for the third consecutive session and closed on negative note.
If the counter sustains below the trend line then selling pressure may increase below the support of 66.9500 while 67.3000 will continue to act as strong resistance.

a

EURINR

EURINR sustained below for the first half of the session but gained positive momentum in the later half.
Trend of the pair still remains weak as sell offs are seen at resistance levels and any closing below 73.0000 will further increase them. Near resistance is seen around 73.6500.

b

GBPINR

GBPINR opened gap down but gained thereafter to and closed above the support mark.
Weakness is expected to continue if it sustains below 81.8000 and may test deeper supports while 82.3000-82.5000 can be seen as resistance range.

c

JPYINR

JPYINR hovered in the same range as of last session and closed above the previous closing.
On daily chart, 64.2000 is seen as major support surpassing which can drop the counter towards deeper supports while 64.7000-65.0000 is seen as resistance range.

d

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