Market Outlook

The rupee opened 14 paise down at 65.24 against dollar and hit its fresh six-month low on account of buying of American currency by banks and importers. This was the weakest closing for the home currency since March 24, when it had ended at 65.41 against the greenback. Besides panic dollar buying by corporates and importers, fears over fund outflows from domestic capital market led to weakened forex market sentiment against the backdrop of imminent Fed rate hike and unwinding of its stimulus measures amid unsupportive global factors.

Fundamental News

•    United Kingdom BBA Mortgage Approvals registered at 41.807K above expectations (41.7K) in August.
•    Italy Trade Balance non-EU: €2.53B (August) vs previous €4.53B.
•    Germany Import Price Index (MoM) in line with expectations (0%) in August.

USDINR

USDINR pair opened with good strength and continued its upward journey and settled the day with gain.
For upcoming session if this pair manages to hold above 65.8000 then more upward rally can be seen. On southern side it has immediate support of 65.4500.

1

EURINR

EURINR pair opened with positive note but not manages its higher level dragdown and closed in negative note.
It has 77.3000 as major support below this level correction can be seen. On higher side immediate resistance is 77.9000 sustaining above which may leads it 78.3000 mark.

2

GBPINR

GBPINR recovers from lower level in early trade, showed correction in second half and closed on flat note.
For coming session 88.0000 is immediate support below this more correction is expected. Whereas, 88.7500 is act as resistance for it.

3

JPYINR

JPYINR pair started the session with gap up opening sustains on higher level and settled the day with gain.
Now, it has major resistance of 59.0000 above this it takes good upside movement. Sustaining below 58.6500 may result in some corrections.

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