Market Outlook

Extending a seven-day winning streak, the rupee strengthen by 28 paise to open at 71.1975 and hovered in the range of 71.2200 -70.6700 aginst the US  dollar,  in lock-step with softening crude oil prices and foreign capital inflows.  On the flip side, dollar edged lower for a second consecutive day against major Asian peers as as greater risk appetite board encouraged market participants to sell the greenback after a recent rally while th pound surged higher following reports that the UK and the EUhave reached an agreement on a draft text outlining future EU-UK ties post-Brexit.

Fundamental News

  • European Monetary Union Consumer Confidence below forecasts -3 in November: Actual -3.9.
  • Russia Central Bank Reserves $ down to $459.3B in November 16 from previous $461.5B.
  • Switzerland Industrial Production (YoY) declined to 1.4% in 3Q from previous 8.3%.

USDINR open with negative bias showed negative movements closed with loss.

If currency pair able to sustain below its immediate resistance zone of 71.0000 then it may continue bearish movements towards 70.3000.

EURINR after negative opening showed bearish movements closed with negative note.

Now, immediate support for the currency pair is seen around 80.5000 if continue to trades below this mark it may find support at 80.3000.

GBPINR after correction unable to sustain on higher levels closed with negative bias.

Sustaining below psychological level of 91.0000 in upcoming session continues negative movements towards its strong support zone of 90.5000.

JPYINR after opening below its support showed negative movements closed with loss.

If continue bearish rally then immediate support for the currency pair is seen near 62.5000 below which it may drag towards 62.3000 mark.

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