Market Outlook

The Indian rupee’s recent slide from capital outflows as well as a controversial government move to withdraw high-value currency notes from circulation has mostly run its course. The rupee has weakened more than 3% in recent weeks to record lows, pressured by a US dollar rally, capital outflows from emerging markets.
Most emerging Asian currencies eased on Thursday as an OPEC deal to reduce oil production pushed up the dollar and U.S. Treasury yields, adding that the world’s largest economy will see higher inflation.
Fundamental News

•    OPEC deal hurts Asia FX; China takes more steps to curb outflows.
•    Dollar climbs to 9.5-month high vs yen on oil, Mnuchin.
•    Eurozone Manufacturing PMI at highest level since January 2014.
•    UK manufacturing PMI surprises negatively in November.

USDINR continued the downward movement for the fourth consecutive session and closed on a weak note.
If it continues to taper down then it may fall towards the support range of 68.2000-68.0000 while 68.6000 is seen as strict resistance.



EURINR opened higher but gradually weakened during the session to close on a flat note.
It is observed that constant resistance is faced on highs i.e. around 73.3000 by the currency pair and now 72.6500 is seen as major support from current levels.



GBPINR rose in the first half but was unable to sustain on higher side and fell to close in red.
On daily chart, 100 day EMA 86.8000 will act as important resistance for the counter whereas 86.0000 is seen as immediate support.



JPYINR moved in a tight range throughout the session and closed above the previous close.
Now, the key support for the pair is seen near 60.0000 breaching which can drag it to deeper support levels whereas 60.6000 may act as stiff resistance.


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