Forex Market News

GBPINR

GBPINR Oct futures opened flat and prices recovered for half of the session till high of 87.63. later in the range of 87.30 session. Prices have bounced back after taking support at its downward trend line and are likely to recover further till next strong resistance of 88.30 and 88.80 levels. Strong supports are placed at 87.10 and 86.70 levels.
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EURINR

EURINR Oct futures opened flat and prices recovered for most of the session for short covering and made an intraday high of 75.46.
Prices have broken out the consolidation range and approached near the strong resistance of 75.50 after the short covering. Price s are likely to remain bullish for the short term until strong support of 74.65 is breached.
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Rupee Is Likely To Depreciate

US Dollar Index traded higher by 0.14 percent yesterday as the robust release of GDP data from the nation boosted sentiment. The US economy expanded by 1.4 percent in the second quarter of 2016, higher than previously estimated.
Robust hiring and wage gains have prompted the consumers to spend more thereby helping the economy to expand. Moreover, a report said that trading clients have withdrawn excess cash and positions held with Deutsche Bank.
This prompted the investors to stay away from risky assets thereby boosting the demand for safe – haven DX. US Dollar made an intraday high o f 95.63 and closed at 95.47 levels on Thursday.
Rupee is likely to depreciate tracking losses in Asian market equities after a report said that Deutsche Bank’s trading clients have withdrawn excess cash and positions held with the bank. This will keep the Indian markets and its currency pressurized.
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Rupee Opens Fflat At 66.85 Per Dollar

The Indian rupee remained unchanged in opening at 66.85 per dollar on Friday against previous close of 66.85. Bhaskar Panda of HDFC Bank says news about India’s overnight raid on terror camps at the Line of Control jarred all markets in India.
He feels the USD-INR pair is likely to trade in a range of 66.60- 66.90/dollar depending on further news. The US dollar snapped its longest slide since August as gross domestic product and jobless claims data bolstered speculation the Federal Reserve is set raise interest rates by year-end.
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Forex Market News

USD-INR To Trade In Range 66.60- 66.90/USD

News about India’s overnight raid on terror camps at the LoC jarred all markets in India. The USD-INR pair is likely to trade in a range of 66.60- 66.90/USD depending on further news.
He further said, “The 10-year benchmark yield hardened to go past 7 percent mark yesterday. It might trade within the 6.95-7.05 percent range today.
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Rupee Is Likely To Trade Positive

US Dollar Index traded on a flat note yesterday as markets discounted the Yellen speech which gave no clear indication with respect to rate hike timings. She said that there was “no fixed timetable for removing” the accommodative stance of monetary policy.
At the same time, she made clear about not wanting to keep interest rates at the same levels for long. Continued job gains will prompt the Americans to spend thereby pushing up the inflation rate. She ended the speech by saying that the future course of rate hikes will be data dependent. US Dollar made an intraday high of 95. 66 and closed at 95.3 4 levels on Wednesday.
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EURINR

Euro is trading at 1.1225 , trading near to the 1.12 mark after a brief stint at 1. 1185 in yesterday’s session . Euro appreciated marginally after the news that the German government would rescue deutsche bank .
ECB chairman Draghi spoke yesterday and continued to allay confidence about the current state of affairs and there was no mention of any additional stimulus . No major data from the EU today and the pair is likely to trade between 1.12 and 1.1250.
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