Market Outlook

The rupee strengthened to 64.93 as the dollar remained weak against other currencies overseas. The domestic unit opened lower at 65.15 against yesterday’s closing level of 65.03 per dollar at the interbank forex market today and slipped further to 65.16 per dollar.
The dollar slipped broadly on Wednesday, hurt by a media report that suggested the implementation of a centrepiece corporate tax cut under discussion in US tax reforms plans could be delayed.

Fundamental News

•    Chile Consumer Price Index (Inflation) (MoM) above expectations (0.3%) in October: Actual (0.6%).
•    South Africa Business Confidence Index down to 92.9 in October from previous 93.
•    France Imports, EUR climbed from previous €44.33B to €44.964B in September.


USDINR pair drags down from its higher level and closed near to its days low.65.0000 is psychological support level below this it can take down side movement. 65.3500 is major resistance level.



EURINR pair showed recovery for its lower level and settled the day with some gain.Now, 75.9000 is major resistance if it manage above it then good upside movement can be seen. 75.2000 is support level.



GBPINR pair has given breakout of downward slopping trend line but unable to hold it and came down, closed with negative note.It has immediate support level of 85.4000 below this correction is expected. 86.0000 is resistance level.



JPYINR pair opened the session with gap up and holds its upper level, settled the day with positive note around its resistance.For upcoming session if it breaks 57.4500 then bounce back can be expected. 56.9000 is important support level.


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