Market Outlook

The rupee fell sharply by 26 paise to 64.53 at the interbank forex market in early trade today as the greenback strengthened overseas.
The dollar rose to a two-month high against the yen and extended its gains against the euro on Thursday after a hawkish-sounding Federal Reserve heightened expectations for an interest rate hike in December. After concluding a closely watched two-day policy meeting on Wednesday, the Fed left interest rates unchanged as expected but signalled it still expects one more increase by the end of the year.

Fundamental News

•    United Kingdom Public Sector Net Borrowing came in at £5.093B, below expectations (£6.5B) in August.
•    Denmark Retail Sales (YoY) rose from previous -0.4% to 0.3% in August.
•    Switzerland Imports (MoM) declined to 14494M in August from previous 14836M.


USDINR surpassed the important resistance on daily chart and closed above it.
Now, the mark of 65.0000 is seen as crucial resistance for the currency pair whereas 64.5000 may act as key support for the pair.



EURINR opened on lower note but gained momentum thereafter to close on a flat note.
Strength can be seen in it till it sustains above the mark of 77.0000 and may move towards the next resistance of 77.5000 while weakness can be seen if it falls below 76.8000.



GBPINR is able to sustain on higher levels and lying in strong zone.
Now, immediate resistance seen in the currency pair is of 87.6500 surpassing which it may move further northwards whereas 86.9000 is seen as key support.



JPYINR dropped towards support levels in early part of the session while gained momentum in later half.
The currency pair marks 57.2500 as the crucial support sustaining below which can further weaken it whereas 58.0000 is seen as strong resistance.


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