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Market Outlook

The Rupee gained nearly 8 paise against the US dollar in early trade on Thursday amid firm opening of the domestic equity market following robust global cues. China’s yuan fell to fresh six-year lows against the US dollar on Thursday after the central bank set a weaker midpoint for the fifth consecutive day to reflect a sharp rebound in the dollar overnight. Uncertainties over the yuan’s direction have increased after Republican Donald Trump’s surprise presidential election on Wednesday.

Fundamental News

•    Trump effect hits Asia FX, bonds; central banks rush to the rescue.
•    Sri Lankan rupee weaker as regional currencies drop.
•    German Consumer prices in October 2016: +0.8% on Oct 2015.
•    German Wholesale prices in October 2016: +0.5% on October 2015.

USDINR

USDINR opened gap up and sustained on higher side throughout the session.On daily chart, it jumped above 100 day EMA and also closed above the trend line coming from highs. Now, 67.5200 is seen as near resistance whereas 67.000 as support.

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EURINR

EURINR hiked above the previous closing and sustained higher on Rupee depreciation.If pull back from support levels continue then it will find immediate resistance around 73.5000 and on lower side 73.0000 will act as strong support.

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GBPINR

GBPINR showed huge jump from the previous close and closed strongly with gains around 3%.The pair breached the stiff resistance of 84.1000 on daily chart and bulls may carry it towards the next resistance of 85.9000-86.0000 levels.

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JPYINR

JPYINR opened on a gap up note and maintained higher for the entire session to close in green.If the pull back continues then 63.7000 is seen as important resistance while falling below 62.9000 can be a weak signal for the counter.

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