Market Outlook

The rupee appreciated by 7 paise to 64.03 against the US currency today on dollar selling by banks and exporters and foreign fund inflows.
The euro held firm on Thursday ahead of a European Central Bank policy meeting, while the Canadian dollar hovered at two-year highs after the Bank of Canada surprised many by raising interest rates. The euro edged up 0.1 per cent to $1.1928, although it was still trading below last week’s high of $1.2070, its highest level since January 2015.

Fundamental News

•    France 10-y Bond Auction down to 0.67% from previous 0.75%.
•    European Monetary Union Gross Domestic Product s.a. (QoQ) in line with expectations (0.6%) in 2Q.
•    Singapore Foreign Reserves (MoM) climbed from previous 269.7B to 273.1B in August.


USDINR opened gap down as faced strict resistance in the previous session.
On daily chart, 64.0000 is now seen as key support for the currency pair sustaining below which can further drag the pair lower while 64.4000 may continue as resistance.



EURINR found strong pull back from lower levels and closed in green.
Moving forward may find the psychological resistance near the mark of 77.0000 whereas 76.5000 is seen as immediate support for the counter.



GBPINR is able to sustain at higher levels as traded in the same range as of previous session.
Sustaining above the mark of 84.0000 can further activate the bulls while 83.5000 is seen as immediate key support for the currency pair.



JPYINR opened on a gap down note and sustained at lower levels for the entire session.
If the counter is able to hold above the mark of 59.0000 then it may further carry the bulls while on lower side, 58.7000-58.5000 may act as strong support range.


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