Market Outlook

The rupee on Wednesday opened 5 paise up at 63.97 against dollar on account of selling of American currency by banks and exporters.
The Australian dollar has jumped on Wednesday after building approvals and construction data were sharply higher than predictions. Better than expected economic figures drove the Aussie higher, sending it as high as 79.93 US cents. Prior to the release of the figures, the currency was at around 79.68 US cents. At 12:30pm, the dollar is fetching 79.88 US cents.

Fundamental News

•    European Monetary Union Consumer Confidence meets forecasts (-1.5) in August.
•    Greece Producer Price Index (YoY) increased to 3% in July from previous 1.4%.
•    Italy 10-y Bond Auction dipped from previous 2.16% to 2.09%
•    Japan Large Retailer’s Sales in line with forecasts -0.2% in July.


USDINR opened gap down but recovered from lower levels to close on a flat to positive note.
If the currency pair sustains above the mark of 64.2000 then it may again gain strength whereas 63.9500 is still seen as major support for the pair.



EURINR open with negative bias and closed on lower levels around its support.
If sustain below 76.6000 than it may give more correction towards next support level i.e. around 76.3000.



GBPINR open with negative bias showed correction and closed above its support level.
On daily chart, it form a reversal pattern if sustain above its resistance level than again bulls may active and take it upto the next resistance level 83.4000.



JPYINR showed negative movements after gap down opening and closed around its support level.
If able to sustain above 58.5000 than again some correction is expected towards resistance of 59.0000 and on lower note 58.2500 is act as support for it.


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