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Market Outlook

The Rupee weakened 12 paise to 66.49 against the US dollar in early trade, snapping its six-session gaining spree at the Interbank Foreign Exchange market today on fresh demand for the American currency from banks and importers. Bond yield fell in 10 out of 12 trading sessions. The 10-year bond yield was trading at 7.055% from its Wednesday’s close of 7.056%.

Most emerging Asian currencies eased on Thursday as investors cut long positions ahead of the European Central Bank’s monetary policy decision later in the day.

Fundamental News

  • Yen clings to gains after BOJ speech, euro looks to ECB.
  • Asia FX eases ahead of ECB decision; won falls on warning.
  • China August dollar-denominated exports -2.8% on-year, imports +1.5%.
  • Greece Unemployment Rate (MoM) dipped from previous 23.5% to 23.4% in June.

USDINR

USDINR opened higher on Rupee depreciation but gradually dragged as the session passed and finally closed on a flat note.

On daily charts, 66.5000 is still acting as immediate support for the counter whereas it needs to sustain above 66.7000 to gain strength.

 usd

EURINR

EURINR gained for the second consecutive session and closed on a strong note.

On daily charts, closing above 100 day EMA indicates strength and further bulls can be observed if the counter sustains above 75.2500.

eur

GBPINR

GBPINR moved in the same range as of previous session and closed in red territory.

Reversals are usually seen in this currency pair on resistance side and so further weakness can take it towards the support of 88.3000 whereas 89.3500 is seen as stiff resistance.

gbp

JPYINR

JPYINR sustained on higher side and moved in the same range as in last session.

Positive breakouts are expected above the immediate resistance of 65.7000 while on lower side, 65.2500 is marked as key support for the counter.

jpy

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