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Market Outlook

A sustained demand for the US dollar from importers and banks pushed the rupee lower by 3 paise to 66.92 in early today, which slid for the third continuous day. The dollar hit a nine-month high against a basket of currencies on Monday, buoyed by expectations that the US Federal Reserve will raise interest rates this year and by a receding chance of Donald Trump becoming US president.

China’s yuan slipped to fresh six-year lows on Monday as the dollar hovered near a nine-month high on expectations of a US interest rate hike in December, while most Asian currencies took a breather.

Fundamental News

  • Dollar at 9-month high on bets for Fed hike, Clinton victory.
  • Yuan hits 6-year low, US rate hike prospects keep Asia FX hostage.
  • Japanese Trade Balance Returns to Positive Territory in September as Exports Fall Less than Forecast.
  • Germany leads eurozone growth to strongest so far this year.

USDINR

USDINR opened higher but gradually declined during the session and finally settled on a flat to negative note. On daily chart, it has been trading in a strict range where 100 day EMA of 67.0300 has been acting as strong resistance while 66.7000 is seen as strong support.

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EURINR

EURINR traded on weak note in early part of the session but gained momentum in later half and closed flat. On lower side, 72.7000 will continue to act as immediate and key support for the counter while 73.2000 may resist the pair from inching up.

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GBPINR

GBPINR found strong support around the bottom and move northwards to close above the previous closing.Selling pressure can be seen if it sustains in the support range of 81.7000-81.6000. However, sell on highs can be seen in the counter facing the resistance around 82.4000.

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JPYINR

JPYINR again hovered in the same range as in previous session and closed around the 100 day EMA.If it continues to trade below 64.4000 then it may slip towards the major support of 64.0000. Any closing above 64.6500 can make the counter to trade higher.

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