Euro/INR: The Euro traded lower by almost 1 percent on Monday on account of rising worries over Euro Zone debt tensions. Additionally, dollar strength also acted as a negative factor for the currency yesterday. The Euro touched an intra-day low of 1.3724 and ended its trading session at 1.3737 on Monday.
Outlook: We expect the Euro to trade lower today mainly due to dollar strength coupled with rising worries over Euro Zone debt issues.
GBP/INR: The Pound depreciated by 0.5 percent on Monday on the back of a stronger dollar coupled with weak global market sentiments. It touched an intra-day low of 1.5731 and closed at 1.5741 in yesterday’s trade.
Outlook: The GBP is expected to trade lower today mainly on the back of dollar strength and rise in risk aversion in the markets. Technical Outlook
JPY/INR: The Japanese Yen witnessed appreciation of around 0.6 percent in yesterday’s trading session, on account of rise in risk aversion in the global markets which fueled demand for the low-yielding currency. The Yen touched an intra-day high of 76.59 and closed at 76.77 on Monday. Japan’s revised industrial production increased by 0.6 percent in August as against 0.8 percent in the month July.
Outlook: Today, we expect the Japanese Yen to trade with an appreciation bias, mainly on account rise in risk aversion in the markets which will boost appeal for the low-yielding currency.
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