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Market Outlook

The Rupee weakened further by 8 paise to 66.59 against the dollar today following increased demand for the American currency from importers. Most emerging Asian currencies pulled back on Thursday as traders took some money off the table as they wait on key U.S. jobs data for clues on when the Fed Reserve might raise interest rates. Strength of the dollar overseas also weighed but higher opening in the domestic equity market capped the losses.

The end of the third quarter saw a slight drop in retail sales in euro area, means sales have now fallen in three of the past four months.

Fundamental News

  • Dollar edges higher, hovers near 2-month peak.
  • Asia currencies step back before U.S. jobs data; exporters lift won.
  • Eurozone Retail PMI: September sees slight decrease in sales.
  • Swiss Consumer Price Index in September 2016 increase by 0.1%.

USDINR

USDINR was trading on a flat note but gradually moved higher during the session against the previous close.

It has been consolidating in the same range since last few sessions and downfall can be seen if it holds below 66.7000 whereas 67.0000 will continue to act as strict resistance.

usdEURINR

EURINR traded in the specific range after gap down opening and closed on lower note.

It has been observed that constant resistance has been taken by the pair of its 100 day EMA i.e. 75.1000 from where it drops towards the support range of 74.6500-74.5000.

eur

GBPINR

GBPINR has been continuously running on bearish track since past few sessions and again closed on weak note.

It sustained below the psychological level of 85.0000 which again indicates weak signal for the counter which may extend further. Now, 85.5000 is seen as key resistance.

gbp

JPYINR

JPYINR opened gap down and sustained at lower levels for the entire session and closed down.

Closing marks a crucial zone for the counter as it tested 100 day EMA and a double top pattern on daily chart suggests that sell offs may be seen if it holds below the pattern.

jbp

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