Market Outlook

The Rupee on Wednesday opened 6 paise up at 64.04 against dollar on account of selling of American currency by banks and exporters.
The dollar edged down against the yen on Wednesday after US President Donald Trump raised the spectre of a government shutdown to fulfill a campaign pledge, but overall moves among major currencies were limited ahead of this week’s Jackson Hole global central bankers’ conference. At a rally with his supporters in Phoenix, Trump referred to his vow to build a wall at the US-Mexican border and said, “If we have to close down the government, we are building that wall.”

Fundamental News

•    European Monetary Union Markit Services PMI came in at 54.9, below expectations (55.4) in August.
•    South Africa Consumer Price Index (YoY) in line with forecasts (4.6%) in July.
•    South Africa Consumer Price Index (MoM) meets forecasts (0.3%) in July.

USDINR

USDINR opened on a lower note but inched a little thereafter to trade in the same range as of previous session.
The currency pair has stuck in a range where 64.0000 is seen as key support and 64.2000-64.3000 as stiff resistance range for it.

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EURINR

EURINR found support at lower levels and closed in green territory.
The currency pair had been hovering in a range where 75.2000 is acting as major support while 75.9000 as strict resistance ahead.

2

GBPINR

GBPINR traded below the previous close and extended bears for another session.
Now, mark of 82.0000 is seen as the crucial support sustaining below which can further intensify the bears while 82.5000 is seen as intraday resistance.

3

JPYINR

JPYINR hovered in the same range as of previous few sessions and closed flat.
On daily chart, lower lows are seen since last three successive sessions and so pull back can be seen sustaining above the resistance of 58.7000.

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