Market Outlook

The Rupee on Monday opened 8 paise up at 64.07 against dollar on account of selling of American currency by banks and exporters. The local currency on Friday settled at 64.15 against the US dollar.
The dollar steadied on Today, edging away from 4 month lows against the yen plumbed in the previous session as investors turned their focus from political turmoil in Washington to the Federal Reserve’s annual central banking conference in Wyoming.  Forex market anxiety initially heightened after a terrorist attack in Barcelona and also rumour that economic advisor to President Trump, Gary Cohn, had resigned.

Fundamental News

•    Japan All Industry Activity Index (MoM) below expectations (0.5%) in June: Actual (0.4%).
•    United Kingdom Rightmove House Price Index (MoM) dipped from previous 0.1% to -0.9% in July.
•    New Zealand Visitor Arrivals (YoY) dipped from previous 17.3% to 3.8% in July.

USDINR

USDINR opened on lower note and gained momentum in the later half to settle on flat note.
On lower side, if it surpasses the mark of 64.0000 then selling pressure can be seen whereas 64.3000-64.4000 is seen as immediate resistance range.

1

EURINR

EURINR found support at bottom and gradually inched to close on a positive note.
On lower side, 75.2000-75.0000 is still acting as important support range whereas any closing above 75.7000 can provide it further strength.

2

GBPINR

GBPINR traded on lower levels but weakness in Rupee brought the pair above the previous close.
The currency pair was unable to sustain below the important support of 82.6500 indicating buy on dips where 83.0000-83.2000 is seen as key resistance range.

3

JPYINR

JPYINR traded in the same range as of previous session and closed on flat note.
The counter needs a closing above the mark of 59.0000 to continue the uptrend whereas 58.5000 is seen as major support from current levels.

4

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *