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Market Outlook

The Rupee fell for the third straight day by losing 9 paise to 66.78 against the dollar on weakening demand as the appeal of dollar grew with importers and banks. Most emerging Asian currencies fell on Friday with caution increasing ahead of key U.S. jobs data, while regional units were on track for weekly losses after fears of a potential cut in the European Central Bank’s stimulus spurred bond outflows.

Regional currencies came under further pressure from the British pound’s plunge to 31-year low. Sterling lost ground as anxiety over a “hard” exit by Britain from European Union triggered a wave of selling.

Fundamental News

  • GBP/USD at fresh 31-year lows after downbeat U.K. data.
  • Yen gains as British pound drops sharply in Asia on Brexit fears.
  • UK Annual house price growth eases further to 5.8%.
  • German Production in August 2016: +2.5% seasonally adjusted on the previous month.

USDINR

USDINR gained momentum in the initial part of the week but lost shine thereafter and finally settled on a flat note.

On daily charts it reversed from the 100 day EMA and could not close above 67.0000 mark. Further downfall may see 66.7000 as its immediate support.

usdEURINR

EURINR opened gap down falling for the second consecutive session and closed in red zone.

Now, if it sustains below 74.4800 then selling pressure may increase to strengthen back , the pair needs to give a closing above the immediate resistance of 74.7000.

eur

GBPINR

GBPINR showed sharp downfall and further extended the bears during the session and closed losing approx 2.7%.

It has been breaking the important psychological marks on daily chart and now 82.0000-81.6000 will act as intraday support range for the pair.

gbp

JPYINR

JPYINR traded in the same range as it traded in the last session and closed on a flat note.

The counter is at very crucial zone as it can act as reversal and may show pull back while 64.4000 will act as key support closing below which can be a weak signal.

jbp

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