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Market Outlook

The Rupee climbed 4 paise to 67.41 against the US dollar in early trade on Thursday after the Fed minutes of recent policy meet suggested that the US Federal Reserve was unsure over the path of future rate hikes amid weakness in jobs data and global worries. Most emerging Asian currencies rose on Thursday on improved risk sentiment following upbeat U.S. service sector activity and expectations that U.S. interest rates may not rise so soon. The Chinese yuan came off 5-1/2-year lows as the dollar broadly took a breather and the central bank set its daily guidance rate firmer.

Fundamental News

  • Yen underpinned by safety flows, Aussie hurt by S&P outlook cut.
  • Improved risk sentiment buoys Asia FX; yuan finds respite.
  • Sterling steadies after fall below $1.30.
  • China’s yuan pulls away from 5-1/2-year lows; weakness seen ahead.
  • UK Annual house price growth eases to 8.4%.

USDINR

USDINR was unable to sustain on higher sides and fell down to close the session in red.

On further sell offs, it may again drag towards the 100 day EMA i.e. 67.4000 while 68.000 is seen as the key resistance level for the counter.

USD

EURINR

EURINR strongly resisted near to 100 day EMA in the previous session and fell sharply in the last session.

If it closes below 74.7400 then it may further drag down towards 74.3000 while 75.2000 may act as immediate resistance.

EUR

GBPINR

GBPINR is falling down for consecutive four sessions surpassing all its important support marks.

Bears on further extension can drift the pair towards the next psychological level of 87.0000. On the other hand, 88.7000-89.0000 is seen as immediate resistance.

GBP

JPYINR

JPYINR surged in the last two sessions such that it recovered the losses so incurred by the pair in last few sessions.

iF it is able to sustain above 67.0000 then it may head towards higher highs while 66.1000 is still acting as immediate support.

JPY

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