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Currency Outlook

Rupee Outlook

* Rupee appreciated yesterday posting its biggest single day gain in nearly month and half aided by ease in US Dollar and rise in risk appetite in the global markets.

* Rupee is likely to depreciate today amid firm dollar and on expectation of disappointing economic data from major countries across globe. Further, investors await central bankers gathering at Jackson hole Symposium that would likely provide cues on interest rate outlook. Additionally, traders will also pay attention to summit of BRICS major emerging economies for any news on Chinese stimulus. USDINR is likely to hold the support near 82.90 levels and rise back towards 83.20 levels

Euro and Pound Outlook

* Euro ended on negative note amid strong dollar and on eurozone economic concerns. For today, EURUSD is likely to weaken towards 1.0800 level as long as it trades below 1.0880 level amid firm dollar. Further, Euro Area manufacturing PMI is likely to show that activity in sector continued to contract and activity in service sector slow down. EURINR may face the hurdle near 90.40 level and weaken towards 89.70 level

* Pound edged lower yesterday due to strong dollar and disappointing economic data from Britain. For the day, the pair is expected to face the hurdle near 1.2780 and weaken towards 1.2680 amid firm dollar and expectation of disappointing manufacturing and services pmi data from country. GBPINR is likely to weaken towards 105.20 level as long as it trades under 106.00 levels

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