Market Outlook

Continuing its uptrend, the Indian Rupee appreciated by 51 paise to open at 71.9475 and throughout the day traded in the range of 72.4950 and 71.7625 against the US dollar on account of increased selling of dolalr by exporters and banks. Moreover, against major Asian peers dollar slid on easing trade war concerns and strong domestic bourses bolstered the Rupee sentiment. On the flip side, dollar struggled near 2-1/2 month lows, while the yen also sagged on reduced safe haven demand amid a switch in market participant view that the China-U.S. trade conflict which would not create an immediate global shock.

Fundamental News

  • European Monetary Union Markit PMI Composite below forecasts 54.4 in September: Actual 54.2.
  • Germany Markit PMI Composite below forecasts 55.4 in September: Actual 55.3.
  • France Gross Domestic Product (QoQ) meets forecasts 0.2% in 2Q.

USDINR

 

USDINR opened gap down and closed the session below the previous close.

Although weak start hit the currency pair but recovery in the second half managed it to close above the lwvel of 72.0000. Now, 72.5000 is seen as resistance while 71.7000 as support.

EURINR found support at lows and closed the session on a strong note.

The currency pair looks quite strong and may move towards the immediate resistance of 85.4000 and even above it. On lower side, 84.6000 is seen as strong support.

GBPINR showed seasaw move for the session and finally settled on green note.

Any closing below the mark of 95.0000 may extend bears while 95.8000-96.0000 is seen as immediate resistance range for it.

JPYINR showed gap down opening and sustained on lower levels for the whole session.

If it is able to sustain above 64.0000 mark then 64.3000-64.5000 is seen as near resistanc range whereas 63.6000 is seen as near support.

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