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Market Outlook

Indian Rupee pared its initial losses to rebound by 5 paise to 67.22 against the American currency in late morning trade on fresh selling of dollar by banks and exporters in view of a strong opening in domestic equities.

Economic growth in the UK grew above expectations in the second quarter of 2016, with the Britons shrugging-off the Brexit decision. The UK prelim GDP estimate rose 0.6% q/q in the second quarter of 2016, up from 0.4% booked in the first quarter, while beating estimates of a rise of 0.5% in June quarter.

Fundamental News

  • Yen falls on BOJ expectations and fiscal stimulus hopes.
  • Dollar/yen trims gains after MOF denies report of 50-year debt issuance.
  • German Import prices in June 2016: –4.6% on June 2015.
  • UK economic growth accelerates in Q2, beats estimates.

USDINR

USDINR moved in the same range as of previous session and closed on a flat to negative note.

Selling pressure can be seen if it sustains below 100 day EMA of 67.5900 while 67.8000-68.000 is still acting as resistance range.

USD

EURINR

EURINR is constantly finding resistance at higher levels and again closed on negative note.

The pair is expected to remain on weaker side till it sustains below 74.7500 whereas 74.1500 is seen as immediate support for the pair.

EUR

GBPINR

GBPINR has been moving in sideways manner as it is not able to surpass any range whether support or resistance on daily charts.

On lower side, 88.2500 is seen as immediate support while 89.7000 as key resistance.

GBP

JPYINR

JPYINR showed sharp downfall after previous hike on back of BOJ expectations and fiscal stimulus hopes and closed in red.

Bears will become active on any closing below 63.5500 while 64.4000-64.6000 is seen as resistance range.

JPY

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