Market Outlook

Indian rupee erased its gains and trading at day’s low level at 71.90 per dollar, with domestic equity market trading off day’s high level after Sensex hitting all-time high. It opened lower by 12 paise at 71.83 per dollar on Wednesday versus previous close 71.71. On November 19, the rupee recovered from the lows and ended higher by 13 paise at 71.71 against the US currency on the back of softening crude oil prices and gains in domestic equity markets. The dollar-rupee November contract on the NSE was at 71.75 in the previous session.

Fundamental News

  • Dollar, yen supported as caution prevails on mixed trade signals.
  • Yuan slips to fresh 2-week low on Trump’s tariff warning.
  • October 2019 the index of producer prices for industrial products decreased by 0.6% as reported by Federal Statistical Office.
  • Sterling weaker vs dollar, leadership debate not seen as ‘game changer’.

USDINR

USDINR after correction found support and showed positive movements closed with gain. 72.0000 is seen as strong resistance zone for the currency pair sustaining below this mark it may drag towards support of 71.4000.

EURINR

EURINR showed sideways movements throughout the session closed with partial gain. On lower levels 79.3000 is act as support for the currency pair breakout below which it may shows bearish movements towards 79.0000.

GBPINR

GBPINR found support on lower levels showed correction closed with partial loss. 93.0000 is seen as immediate resistance zone for the currency pair sustaining above this mark it may shows positive movements towards 93.3000.

JPYINR

JPYINR after correction found support and closed with positive bias. Now, 66.5000 is seen as resistance for the currency pair if able to continue bullish movements then find resistance around it.

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