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Market Outlook

The Rupee was trading weak at 66.55 against the US dollar on increased demand for the American unit from importers and banks. Besides, strength in the dollar against some other currencies overseas also weighed on the domestic currency. Rupee’s fall increased demand for the US currency and a weak domestic equity market.

The Office for National Statistics (ONS) published the trade balance report from the UK economy, showing that the visible trade deficits narrowed in July, coming on expectations. Trade balance: Actual – GBP – 4.5bln vs -4.2bln exp vs -5.56bln prev revised down from -5.1bln.

Fundamental News

  • Korea nuke test hurts won; Asia FX weekly gains pared by ECB.
  • Dollar slips vs yen, on track for weekly losses.
  • German exports in June 2016: +1.2% on June 2015.
  • BoK keeps rates unchanged at 1.25%.
  • Sri Lankan rupee weaker on importer demand.

USDINR

USDINR opened higher on daily charts and continued the positive move throughout the session.

The counter is trying to inch towards 67.0000 mark and sustaining above which can further add the bulls to it. On lower side, 66.6000-66.5000 is seen as support range.

usd

EURINR

EURINR exhibited the consecutive bull rally and reached towards the resistance on daily charts.

On higher sides, 75.5000 is seen as immediate resistance for the intraday session whereas 75.1000 will now act as crucial support for the counter.

eur

GBPINR

GBPINR has been moving in a specific range since last few sessions and closed in the same range.

On daily charts, it has been embedded in a range where 89.3500 is acting as stiff resistance while 88.7000 as crucial support for the currency pair.

gbp

JPYINR

JPYINR dragged after the two day consolidation near higher range and finally closed the session in red territory.

Now, 65.0000 may act as psychological support for the counter and 65.5000-65.7000 is seen as key resistance range from current levels.

jpy

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