Market Outlook

The rupee on Thursday opened 7 paise down at 65.28 against dollar on account of buying of American currency by banks and importers.

The dollar was fluctuating between small gains and losses against a basket of the other major currencies on Thursday as investors awaited an expected vote on the U.S. tax bill later in the day. The dollar found some support after Politico reported that House Republicans are confident they have the votes to pass a massive rewrite of the U.S. tax code later Thursday.

Fundamental News

  • Italian trade balance with EU 0.469B EUR vs 0.830B Sept 2016 AND World trade balance is 3.990B EUR vs 3.702B last year.
  • United Kingdom Retail Sales (YoY) came in at -0.3%, above forecasts (-0.6%) in October.
  • Australia Employment Change s.a. below forecasts (17.5K) in October: Actual (3.7K).

USDINR

USDINR pair came down in first half but unable to sustain its lower level and bounce back in later session, closed with positive note. It has 65.5000 as immediate resistance level above this good break out can be seen, 65.2000 is crucial support level

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EURINR

EURINR pair came down due to profit booking form its higher level and closed the day with loss. For coming session if its price manages above its immediate resistance level of 77.2000 then upside movement can be seen. 76.6500 is major support level.

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GBPINR

GBPINR pair showed some selling pressure in earlier session but it unable to sustain on lower level and bounce back, settled the session near to its days high. 86.3500 is act as a major resistance level above this upside movement can be seen. 85.7000 is support level.

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JPYINR

JPYINR pair drags down from its higher level and closed with negative bias. Now, 56.6000 is act as important support level for upcoming session below this correction is expected. 58.0000 is major resistance mark.

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