Like the first two months of 2016, November and December are likely to be highly volatile for the domestic currency market in the runup to and following the US elections. Rising chances of a Fed rate hike next month and redemption of FCNRs worth $26 billion maturing this month back home are likely to put pressure on the domestic currency. China’s currency fell to one-week lows on Monday as the dollar gained against regional currencies in a relief rally after news that Democrat Hillary Clinton would not face criminal charges related to her use of a private e-mail server.
- Dollar jumps after Clinton gets eleventh-hour election boost.
- Sterling falls more than 1 per cent against resurgent dollar.
- Russian rouble slips vs dollar on Clinton campaign boost.
- China’s yuan slips to one-week lows on dollar bounce.
- Eurozone Sales fall for second month running in October.
- UK Annual house price growth eases again to 5.2%.
USDINR did not show any volatile movements and finallyclosed the session on a flat note.
On daily chart, it is moving in the same range since last few sessions where 67.0000 is continuously acting as key
resistance whereas 66.7000 is seen as good support.
EURINR broke the support which it was finding in the last three consecutive sessions and closed below it.
Now, if it sustains below 74.0000 then it may further dip towards 73.7500 level while 74.3000 is seen as immediate resistance from current levels.
GBPINR strongly faced resistance near 84.0000 mark and fell sharply during the intraday session.
On daily chart, reversal candlestick pattern on resistance levels indicates correction on lower side and if it falls below
82.9000 then 82.5000 is seen as near support.
JPYINR opened gap down and surpassed the important support zone which made the pair to close with loss of1.4%.
On daily chart, its closing below 100 day EMA of 64.4000 is a weak sign for the counter and now 63.6000 may act as
major support while 64.5500 is seen as key resistance.
(Click to submit your details) Just one step to get best trading tips and Recommendation.