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Market Outlook

Extending losses for the third day, the Rupee dropped by another 7 paise to 66.99 against the US dollar in early trade today at Interbank Foreign Exchange market as the American currency strengthened overseas.

In July 2016 compared with June 2016, seasonally adjusted industrial production fell by 1.1% in the euro area. In September 2016, the ZEW-CS Indicator for the economic sentiment in Switzerland rose by 5.5 points to a reading of 2.7 points. This is the first increase of the ZEW-CS after it had been falling for the last two months.

Fundamental News

  • Yen slips on reports of further BOJ easing.
  • Ringgit, rupiah lead Asia FX losses as global bonds tumble; yuan firms.
  • Industrial production down by 1.1% in euro area.
  • United Kingdom Claimant Count Rate remains unchanged at 2.2% in August.

USDINR

USDINR opened gap up but gradually dragged during the session and closed on a flat to negative note.

On daily charts, it is facing stiff resistance around 100 day EMA and closed below it. Now, any closing below 66.9000 can further weaken the counter.

usd

EURINR

EURINR showed sideways to negative momentum during the last session and closed flat.

It took strong support around 100 day EMA of 75.1150 and now sell offs can be seen if it holds below it while 75.6000 is still seen as immediate resistance.

eur

GBPINR

GBPINR after much consolidation on daily chart broke the support range and closed below it.

Further tapering can make the counter to drop towards the next support of 88.3000 whereas any closing above 88.8000 can strengthen the currency pair.

eur JPYINR

JPYINR opened gap down and sustained on lower side for the entire session.

It gave strong closing in the previous session but is unable to surpass the resistance. Hence, resistance is again seen around 65.8000 while support around 64.9300.

jpy

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