Daily Market Reflection

23rd September 2016

Market Outlook

USDINR

The Rupee strengthened by 18 paise to 66.84 against the dollar in

early trade at the Interbank Foreign Exchange on selling of the US
currency by exporters and banks amid foreign fund inflows. A fall in
dollar against major world currencies after the US Federal Reserve
decided against lifting interest rates also helped the rupee gain
strength.
The dollar fell to its lowest in a week against the euro but recovered
some ground against the yen on Thursday, after a U.S. Federal
Reserve meeting that balanced hints of a rise in interest rates this
year with cuts in the longer term outlook.
Fundamental News
Fed Leaves Rates Unchanged, Signals 2016 Hike Still
Likely.
Asia yield-hunting back on dovish Fed; won, rupiah near 2wk peaks.
Dollar slips to 4-week low vs yen after Fed, BOJ policy
meetings.
NZ Official Cash Rate unchanged at 2.0 percent.
Currency Future
Currency
Date
Date
% Chg

21-09-16

22-09-16

USDINR

66.7550

67.0850

-0.49%

EURINR

74.9200

74.7975

+0.16%

GBPINR

87.1775

87.2175

-0.05%

JPYINR

66.2250

66.1175

+0.16%

Event Calendar (23rd September 2016)

Time
Currency Event
French Flash
Manufacturing PMI
French Flash Services
PMI
German Flash
Manufacturing PMI
German Flash Services
PMI

Forecast

Previou
s

48.4

48.3

52.0

52.3

53.2

53.6

52.2

51.7

12:30 pm

EUR

12:30 pm

EUR

1:00 pm

EUR

1:00 pm

EUR

1:30pm

EUR

Flash Manufacturing PMI

51.5

51.7

1:30pm

EUR

Flash Services PMI

52.8

52.8

Reference Rate
Currency Date
21-09-16
USDINR
67.0631
EURINR
74.6949
GBPINR
87.0077
JPYINR
65.4900

Date
22-09-16
66.8451
75.0203
87.3398
66.6500

%
Change
-0.32%
+0.43%
+0.38%
+1.77%

Currencies vs $
Currency
Close
(5:00p
m)
Rupee
66.7250

Prev
Close

%
Chg

67.0212

Dollar Index

95.2100

95.5000

Euro

1.1236

1.1194

0.44%
0.30%
+0.37
%

Global Commodities
Commodit Close
Prev.Clos % Chg
y
e
Gold
1332.8 1332.81
+0.00%
2
Silver
19.80
19.78
+0.10%
Crude
45.78
45.73
+0.10%
Copper
2.1708 2.1535
+0.80%
OUR PREVIOUS CALLS UPDATE
Intraday super star
Date Currenc Entry
y
22/09 JPYINR 66.200
0
Trifid special
Date Currenc Entry
y
21/0 JPYINR 65.882
9
5

Exit

P/L

66.440
0

4800

Exit

P/L

66.182
5

12000

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Overview
USDINR

EURINR

USDINR lost its shine after a long consolidation on daily

charts and closed below the key support.

EURINR is not able to break the range which it is

following since last few sessions.

It breached the important level of 67.0000 and closing

below it indicates selling pressure may continue towards
the next support of 66.5000.

It needs to surpass the resistance of 75.2000 for up

move to continue while 74.7500 is still seen as crucial
support for the currency pair.

R1
66.9000

R1

R2

S1

S2

75.1000

75.3000

74.9000

74.7000

R2
67.1000

S1
66.6000

S2
66.4000

GBPINR

JPYINR

GBPINR showed some up move in the first half of the

session but could not sustain on highs and dragged
thereby.

JPYINR opened gap up and then gradually dropped

down but managed to close on a green note.

Now, the key psychological support ahead is 87.0000

breaching which can further drag the counter while
87.7000 may now act as major resistance.

Strength can be seen till it sustains above 66.3000 and

the counter has the stamina to reach towards the next
resistance of 67.1000. On lower side, 66.0000 is seen as
good support.

R1
87.3000

R1
66.4000

R2
87.5000

S1
87.0000

S2
86.8000

R2
66.6000

S1
66.1000

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S2
65.9000

Intraday Super Star

(Premium Section)

USDINR broke the range in which it was hovering since last few sessions and closed down. If the selling pressure
continues then it is expected to drop down further.
SELL BELOW 66.6850 TARGETS 66.5650/66.4450 SL 66.8850.

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Trifid Special
(Premium Section)

GBPINR although found support for the last session but it remained on lower side for the whole session intending that
sell on highs can be seen in this currency pair.
SELL BELOW 87.1500 TARGET 86.8500 SL 87.6500.

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