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Market Outlook

The Rupee slipped from its initial gains to depreciate by 4 paise to 66.77 against dollar in late morning deals on fresh bouts of dollar demand from importers amid lower equities.

The services sector activity in the UK economy showed a further deceleration in July, with both services output and new business falling at the fastest rates since March 2009.

Service providers in France reported a rise in business activity for the third time in the past four months during July.

Fundamental News

  • Dollar struggles at 6-week low on cooling U.S. rate hike views.
  • UK services activity contracts in July.
  • Volume of retail trade stable in euro area.
  • French service sector business activity rises marginally in July.
  • German Services PMI Activity Index rises slightly from June’s 13-month low.

USDINR

USDINR opened flat but within no time gained momentum and continued the up move towards the end of the session.

It closed around the 100 day EMA and may further move higher if it maintains above 67.3000. On lower side, 67.1000 is seen as near support.

USD

EURINR

EURINR took strong support of 100 day EMA and surged during the session surpassing the key resistance.

Strength can be seen till it sustains above 75.0000 mark while 75.6000 is seen as immediate resistance and 75.0500 may act as near support.

EUR

GBPINR

GBPINR continued the previous session up move and closed on a strong note.

It breached the key resistance of 89.3000 and closed above it. Hence, now it is expected to move towards 90.3000 while 89.3000 will now act as support.

GBP

JPYINR

JPYINR is constantly following the bull rally since last few successive sessions.

Now, the next crucial psychological level is seen around 67.0000 while any correction on lower side will find 65.5500 as near support.

JPY

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