Market Outlook

The Rupee lay low for the second session as it weakened 10 paise to 66.93 against the dollar today as the latter rose overseas amid a lower opening in domestic stocks. Sustained demand for the American currency from importers was also at work.
UK GDP first estimate revealed that the pace of growth in economy has slowed somewhat in the third quarter, in wale of the Brexit vote. The report showed that the FDP figures came in at 0.5% q/q in the third quarter of 2016, down from 0.7% booked in the second quarter, although surpassed expectations of only 0.3% increase in Sept quarter.

Fundamental News

•    Dollar near 3-month high vs yen, boosted by U.S. bond yields.
•    Sliding yuan drags Asia FX lower; bond outflows hit won.
•    United Kingdom Gross Domestic Product (QoQ) came in at 0.5%, above expectations (0.3%) in 3Q.
•    Greece Producer Price Index (YoY) increased to -3% in September from previous -4%.


USDINR moved in the same range as of previous session and closed the session on a flat note.
Key resistance seen ahead is 67.3000 on daily chart and any closing above it can result in positive momentum while 100 day EMA of 67.0000 may act as good support.



EURINR was able to sustain around the previous close and finally settled on a flat to positive note.
Trend for the pair is weak and so it is expected to face resistance in the range of 73.5000-73.7500 while 73.2500 may act as immediate support.



GBPINR extended the bulls so seen by the counter in the previous session and closed on a positive note.
If it sustains above 82.4000 then it may inch towards 83.0000 or above levels. However, pair usually shows selling pressure on highs and so 81.6500 will act as key support.



JPYINR continuously fell throughout the session extending the bears so seen in previous session.
On daily chart, 100 day EMA of 64.4000 is acting as strong resistance and if it continues to drop then 63.9000 will act as important support for the counter.


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