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Market Outlook

The Rupee on Friday recovered by 5 paise against the US currency to end at 66.70 on stray dollar selling by banks and exporters even as stock markets continued to decline. In yet another day of range-bound trade, the rupee-dollar outright spot dealings remained quiet due to lack of market-moving factors.
U.S. jobs continued to gain at a steady pace in October and wage gains accelerated, signs that the labor market and economy made steady progress at the start of the fourth quarter.

Fundamental News

•    Industrial producer prices up by 0.1% in euro area.
•    Eurozone economic growth accelerates on back of faster German expansion.
•    German Service sector activity rebounds in October.
•    Growth in French services sector weakens in October.
•    Italian Service sector business activity rises slightly in October.

USDINR

USDINR showed range bound movement throughout the session and closed on a flat note.
The pair needs to sustain above 100 day EMA of 67.0200 to gain strength while below the immediate support of 66.8000, it may further fall towards 66.6500.

1

EURINR

EURINR consolidated in the same range as of last two sessions and was able to close in green territory.
On daily chart, if it surpasses 74.1500 level then sell offs are likely to affect the counter to fall towards 73.8000 while 100 day EMA of 74.6300 will act as good resistance.

2

GBPINR

GBPINR hovered around the resistance level of 83.6000 on daily chart and closed around it.
It is at a crucial zone as holding above it can head it towards the next major resistance of 84.7000 while if this zone acts as a reversal then the pair will again fall down.

3

JPYINR

JPYINR sustained on lower levels but gained momentum thereafter for the later half of the session.
Closing around 65.0000 indicates strength in the pair which may lead it towards the immediate resistance of 65.2500 whereas 64.5000 may act as strong support for it.

4

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