Market Outlook

Rupee gave up its early gains but traded higher against the US dollar compared to it Tuesday close after the Reserve Bank of India (RBI) surprised markets by keeping benchmark interest rates unchanged at its policy meeting today. The RBI left repo rate unchanged at 6.25%.
The euro held steady near a 3-week high on Tuesday while bets on market volatility stayed close to their highest since June’s Brexit vote ahead of this week’s European Central Bank meeting due to give new guidance on its quantitative easing program.

Fundamental News

•    Dollar, euro tread water as ECB meeting comes into view.
•    UK Annual house price growth rises to 6.0%.
•    South Africa Business Confidence Index climbed from previous 93 to 93.9 in November.
•    Singapore Foreign Reserves (MoM) down to 247.8B in November from previous 251.4B.


USDINR opened with negative bias and closed around its strong support level.
Now, in upcoming session accumulation is expected in particular currency. Contrary if break support on daily charts than it may find next support around 67.4500.



EURINR showed sideways to negative movement and closed on lower levels.
EURINR closed near to its support and expected to give more negative movement if able to break its support on daily charts i.e. 72.6500.



GBPINR opened below trendline acting as support for it on daily charts and also closed below it.
Closing on daily charts shows more negative movement in it. 85.2000 seen as next support level for it and if correction occurs than 86.1500 is act as resistance.



JPYINR continues its bear rally and again closed on lower note.
It still looks weak and may find next support around 59.0000. If shows some correction than 59.9000 is act as major resistance level for it.


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