Market Outlook

Indian rupee hit its record low level of 68.855 against the US dollar during the intraday trade on Thursday after extending its loses for a fifth consecutive session.  Sentiment in forex market turned highly weak due to consistent selling by foreign investors against the backdrop of demonetization and renewed concerns over Fed interest rate hike. Since demonetisation, rupee has already plunged over 2.5 per cent till date. Meanwhile, domestic equity market was also trading in red in afternoon trade tracking mixed global cues.

Fundamental News

•    Rupee hits record low of 68.855 against US dollar.
•    Italy Wage Inflation (YoY) remains unchanged at 0.6% in October.
•    United Kingdom BBA Mortgage Approvals came in at 40.851K, above expectations (38.8K) in October.
•    German Ifo business morale unexpectedly deteriorates in Nov.


USDINR was again able to sustain on higher side and made new highs closing on a strong note.The currency pair is near to 69.0000 mark of which it may face stiff resistance while 68.5000-68.3000 is seen as important support range.



EURINR opened gap down but gained momentum in the later half but closed lower than previous close.
On daily chart, 73.0000 is still faced as stiff resistance for the counter while 72.3000-72.1000 will continue to act as support range.



GBPINR crossed the important resistance so seen on daily chart and closed above it.Closing indicates strength in the pair and it may face immediate resistance around 86.0000. On the lower side, 85.3000 will continue to act as key support.



JPYINR showed sudden sharp fall with the start of the session and closed on a weak note.If the counter sustains below 60.6000 then it may further fall towards 60.2000 while 61.0000-61.3000 may now act as immediate resistance range.


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