Market Outlook

The Indian rupee’s recent slide from capital outflows as well as a controversial government move to withdraw high-value currency notes from circulation has mostly run its course. The rupee has weakened more than 3% in recent weeks to record lows, pressured by a US dollar rally, capital outflows from emerging markets.Most emerging Asian currencies eased on Thursday as an OPEC deal to reduce oil production pushed up the dollar and U.S. Treasury yields, adding that the world’s largest economy will see higher inflation.

Fundamental News

•    OPEC deal hurts Asia FX; China takes more steps to curb outflows.
•    Dollar climbs to 9.5-month high vs yen on oil, Mnuchin.
•    Eurozone Manufacturing PMI at highest level since January 2014.
•    UK manufacturing PMI surprises negatively in November.


USDINR slowed down the positive momentum so shown in the last week and closed weak.Now, the key support from current levels is seen around 68.3000 sustaining below which can further drag the pair while 68.7000 may act as immediate resistance.



EURINR moved in the range but lower to the previous close resulting in weak closing for the session.On daily chart, 73.0000 is marking as strict resistance for the counter while 72.6500 is seen as immediate support from current prices.



GBPINR jumped in the later half after a long consolidation as seen on daily chart above.If it extends the bulls then 100 day EMA of 86.8000 can be seen as immediate resistance while 86.2000-86.0000 will act as support range.



JPYINR followed the bear rally for the third consecutive session and closed in red territory.It is dragging towards the psychological mark of 60.0000 sustaining below which can dip it towards deeper support levels while 60.3000-60.5000 is seen as resistance range.


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