Market Outlook

The Indian rupee opened lower by 9 paise at 64.55 per dollar on Monday versus 64.46 Thursday.Pramit Brahmbhatt of Veracity said, “Ahead of RBI’s monetary policy announcement which is lined up on December 6, rupee will be volatile. Trading range for the spot USD-INR pair will be 64.20-64.80.”.
The dollar rose against the yen, euro and pound after the US Senate passed the tax reform bill last weekend.

Fundamental News

•    Greece Gross Domestic Product n.s.a (YoY) climbed from previous 0.8% to 1.3% in 3Q.
•    European Monetary Union Producer Price Index (YoY) registered at 2.5%, below expectations (2.6%) in October.
•    United Kingdom PMI Construction came in at 53.1, above expectations (51) in November.


USDINR pair opened the session with negative bias and pull down, closed the day with weak note. For upcoming session if it breaks support of 64.4000 then more correction can be seen in it. On higher level 64.9000 is act as resistance.



EURINR pair opened with gap up but unable to holds upper level and came down, settled the session with flat note.
It has immediate support level of 76.4000 below this selling may be expected towards next support zone. 77.0000 is psychological resistance level.



GBPINR pair drags down from its resistance level in first half but bounce back, closed the session near to its days high.Now, 87.5000 is act as important resistance level above this it may give good northward movement. 86.6000 is support level.



JPYINR pair witness steep fall throughout the day and settled the session with loss. It has 57.0000 as a crucial support level below this it can move towards next support zone of 56.7000 and 57.5000 is act as a resistance level.


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