Extending gains for the fourth straight day, the rupee appreciated by 14 paise to open at 69.9600 and hovered in the range of 70.1100 and 69.8025 against the US dollar due to weakening of dollar against other major Asian peers. Moreover, sustained foreign fund inflows and increasing selling of dollar by exporters and banks bolstered the domestic currency. On the flip side, dollar inched up against basket of currencies, as market participants turned their focus to the G20 summit that kicks off later in the day in Argentina while Euro was lower on disappointing German retail sales data.
- European Monetary Union Unemployment Rate came in at 8.1%, above forecasts 8% in October
- India Federal Fiscal Deficit, INR: 6485.8B (October) vs 5947.3B.
- India FX Reserves, USD declined to $392.79B from previous $393.58B.
- India Gross Domestic Product Quarterly (YoY) below forecasts 7.4% in 3Q: Actual 7.1%.
USDINR after correction unable to sustain higher levels closed around its day low.
Sustaining below psychological level of 70.0000 may drag it towards next support zone of 69.5000 below which it shows more negative movements.
EURINR found strong resistance on higher levels showed negative movements closed with loss.
On upper side 80.0000 is act as strong resistance zone for the currency pair below this it may continue bearish movements towards 79.3000.
GBPINR unable to sustain on higher levels showed bearish movements closed with negative bias.
Immediate support for the currency pair is seen around 89.0000 sustaining below this mark it may shows negative movements towards 88.7000.
JPYINR showed sideways to bearish movements and closed with negative note.
Currency pair looks weak below 61.4000 level and continue negative movements towards its next support zone of 61.2000 mark.
(Click to submit your details) Just one step to get best trading tips and Recommendation.