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Market Outlook

The Rupee appreciated by 17 paise to 66.67 against the dollar today on sustained selling of the US currency by exporters and banks, with a higher opening in the equity market backing it up.

The US Dollar faced selling pressure in overnight trade as US bonds advanced, pushing rates lower and undermining yield support for the benchmark currency. Fixed income demand appeared to stem from haven demand, with rising bond prices mirroring a drop in S&P 500 futures. Tellingly, the anti-risk Japanese Yen outperformed among the G10 FX majors.

Fundamental News

  • US Dollar Under Fire, NZ Dollar Extends Gains into RBNZ Meeting.
  • Weak U.S. data fans Asia FX; won breaks through key 1,100 level.
  • French Industrial production index – June 2016 declined again in the whole industry (-0.8% after -0.5%).

USDINR

USDINR opened gap down on weakening of dollar and closed on lower note.

On daily charts, it surpassed the key support of 66.9000 which indicates weakness in the counter and may fall towards 66.7500.

USD

EURINR

EURINR after the previous session’s strength continued the positive momentum and closed strong.

It closed around the strong resistance of 74.8500 on daily charts and sustaining above it can lead it higher while 74.5500 may act as immediate support.

EUR

GBPINR

GBPINR gained positive momentum after successive downfall since last four sessions.

On daily charts, 86.6500 is still acting as crucial support below which it may drag lower whereas 88.0000 may act as stiff resistance from current levels.

GBP

JPYINR

JPYINR after a pull back in last session extended the bulls again towards the resistance on daily charts.

Moving northwards further will find 66.5500 as immediate resistance whereas 65.4500 is seen as important support from current levels.

JPY

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