Market Outlook

The rupee on Friday ended at a fresh six-week high of 64.55 a dollar, gaining by 6 paise on fresh selling of the American currency and also well-supported by favorable macro indicators.
The dollar rose broadly on Friday after the release of U.S. factory orders and services sector data that beat estimates, reversing an earlier slide after an underwhelming October jobs report. The dollar index posted its third straight weekly increase, following its largest weekly percentage gain of the year last week.

Fundamental News

•    United States ISM Non-Manufacturing PMI above expectations (58.6) in October: Actual (60.1).
•    Canada Net Change in Employment registered at 35.3K above expectations (15K) in October.
•    India FX Reserves, USD declined to $398.76B from previous $399.92B


USDINR pair started the day with lower note and recovered its price in first half but unable to hold its higher level and came down, closed near to its days low.It has crucial support level of 64.60000 below this more selling can be seen. 64.9000 is psychological resistance level.



EURINR pair unable to breaks its immediate resistance level and drag down, closed near to its support level.For upcoming session if it breaks 75.4000 support levels then more correction is expected. 75.6500 is major resistance level.



GBPINR pair has given steep fall and closed in negative note.84.4500 is immediate support zone if its hold it the more weakness can be seen. 85.0000 is psychological resistance level.



JPYINR pair continued its downward movement after breaking its support level and closed with weakness. It has immediate support of 56.7000 if it sustain below this then it can continue its southern journey. 56.9000 is important resistance level.


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