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Market Outlook

The Rupee weakened by 9 paise to 67.15 against the dollar in early trade today at the Interbank Foreign Exchange market on fresh demand for the American currency from importers. Strength in dollar against some other currencies overseas weighed on the rupee but a higher opening in the domestic equity market capped the losses.

Germany’s economy has continued to grow, but at a slightly slower pace. As the Federal Statistical Office already reported in its first release of 12 August 2016,the gross domestic product (GDP) increased by 0.4% in the second quarter of 2016 compared with the first quarter of 2016.

Fundamental News

  • Asian currencies slip, rupiah touches 2-month low.
  • Dollar edges up, as investors wait on Fed, Jackson Hole.
  • United Kingdom BBA Mortgage Approvals below forecasts (38.5K) in July: Actual (37.662K).
  • Germany Gross Domestic Product w.d.a (YoY) unchanged at 1.8% in 2Q.

USDINR

USDINR again traded in subdued manner for the second consecutive session and closed flat.

Bears can become aggressive if it the currency pair lies below 67.0000. On higher side, 67.3000 is seen as immediate resistance.

usd

EURINR

EURINR seems to take reversal from higher levels and previous session closed in red territory.

Now, it may fall towards the next support zone of 75.5000-75.3000 on daily charts whereas 75.8000-76.0000 may again act as resistance for the counter.

eur

GBPINR

GBPINR continued the bull rally so witnessed from lower levels and again closed on a strong note.

Now, 89.0000 is seen as the key resistance mark for the counter sustaining above which can lead it towards 89.3000 while 88.4000 may act as support.

gbr

JPYINR

JPYINR has been trading in the same resistance zone since last few sessions.

On holding above 67.1000 can bring the counter towards northwards direction while 66.6000 is seen as key support from current levels.

jpy

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