Market Outlook

Rupee climbed 10 paise to 65.18 against today after US president’s tax cut plans failed to sustain interest in the US currency among traders. Banks and exporters turned their back on the greenback. The rupee looked good, taking support from a higher opening in domestic stocks.
Speculation that President Donald Trump’s tax overhaul plan would stall kept the dollar below a recent 10-week peak against major currencies on Wednesday, and the euro held near a 12-day high as political tensions over Catalonia receded slightly.

Fundamental News

•    United States MBA Mortgage Applications dipped from previous -0.4% to -2.1% in October 6.
•    Turkey Current Account Balance above forecasts ($-1.4B) in August: Actual ($-1.237B).
•    Spain HICP (YoY) below forecasts (1.9%) in September: Actual (1.8%).


USDINR pair opened with negative biasness and pulldown after breaking its support level and closed the day with negative note.It has crucial support level of 65.2000 below this selling can be continued. 65.6000 is resistance mark.



EURINR pair opened with bullish trend, followed its upward journey and settled the day with good gain.If its price manages above 77.5500 then northward movement will be continue. 77.0000 is support level.



GBPINR pair opened with positive note but unable to hold its upper level and closed near its day low.Now 86.1000 is important support level, if it sustain below this then further down side movement can be seen. 86.5000 is major resistance above this positive movement is expected.



JPYINR pair was unable to break its major resistance level, came down and settled the day with weakness.If it breaks immediate resistance of 58.3500 then breakout can be seen. On southern side 58.0000 is important support zone below this it can give some correction.


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