Market Outlook
The Indian Rupee appreciated by 9 paise to open at 71.0975 and throughout the day hovered in the range of 71.4000 and 70.9025 against the US dollar at the interbank foreign exchange market today owing to robust growth data for the April-June quarter of the current fiscal. However, strong domestic bourses supported the Rupee sentiments.
On the flip side, against major Asian peers, the dollar held steady near its one week high as concerns over global trade tensions and instability among emerging market currencies underpinned safe haven demand.

Fundamental News

  • United Kingdom Markit Manufacturing PMI below forecasts 53.8 in August: Actual 52.8.
  • European Monetary Union Markit Manufacturing PMI meets forecasts 54.6 in August.
  • Austria Unemployment up to 288.2K in August from previous 282.6K.

USDINR showed positive movements and closed with bullish note.
Currency pair continue its bullish trend if sustain above its immediate resistance level of 71.5000. On lower levels it has strong support of 71.0000.

EURINR open with negative bias unable to sustain on lower levels closed with partial loss.
Now, currency looks bullish if trades above 83.0000 level and continue positive movements towards its next resistance level of 83.5000.

GBPINR open with negative bias showed sideways movements closed with loss.

Sustaining below 92.0000 levels may give more correction in particular currency pair and find support around 91.5000. On higher levels 92.3000 is resistance for it.

JPYINR showed positive movements and closed around its resistance level.
Currency give positive breakout if sustain above its immediate resistance of 64.3300 and may find next resistance around 64.7000.

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