Market Outlook

The Rupee today regained momentum to log a fresh one-month high of 64.35 by rising 10 paise on bouts of dollar unwinding by exporters.
Dollar sank to a 10-month low against a basket of major currencies on Tuesday, hit by the latest collapse of President Donald Trump’s efforts to deliver a new healthcare bill in a market deeply worried by the pace of U.S. growth. The Australian dollar was by far the biggest beneficiary of another slide for the greenback jumping 1.5 percent to more than two-year highs after minutes from the Reserve Bank’s last policy meeting showed it turning more upbeat on the economy.

Fundamental News

•    European Monetary Union ZEW Survey – Economic Sentiment came in at 35.6 below forecasts (37.2) in July.
•    Germany ZEW Survey – Current Situation came in at 86.4, below expectations (88) in July.
•    United Kingdom Core Consumer Price Index (YoY) registered at 2.4%, below expectations (2.6%) in June.


USDINR again traded on lower levels and closed again in red territory.
On daily chart, next support is seen near 64.3000 if the currency pair further slips whereas 64.6000 may act as immediate resistance.



EURINR opened gap up and continued the bull momentum throughout the session.
The pair had been rising since last three consecutive sessions and may face immediate resistance near 74.6000 whereas mark of 74.0000 may act as support.



GBPINR faced strict resistance at higher levels and sharply dropped towards support levels.
The counter was unable to sustain near the resistance of 84.6000 and closing below 84.0000 indicates certain weakness and 83.5000 may act as key support.



JPYINR gained for another successive session and reached towards the resistance on daily chart.
Now, any closing above 57.6000 can hike the counter towards the next resistance of 57.8000 while 57.0000 is seen as good support.


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