Market Outlook

The Indian rupee appreciated by 18 paise to 70.7650 against the US dollar in early trade on Thursday as easing crude prices strengthened investor sentiments. Trading in emerging market currencies was subdued after British Prime Minister Boris Johnson lost the crucial Brexit Bill timetable vote. Besides, markets are also awaiting fresh cues on the potential US-China trade deal. Market participants, however, said sustained foreign fund outflows weighed on local currency.

Fundamental News

  • Brexit in the EU’s hands, EUR/USD may struggle with Draghi one last time, Bitcoin battered.
  • Euro-zone Flash Manufacturing PMI unchanged at 45.7 in October vs. 46.0 expected.
  • Turkey: CBRT to cut the 1w repo rate by 250bps.
  • Asian stocks trade mixed amid mild risk recovery.

USDINR found support and showed bullish movements closed with partial gain.

If able to sustain above 71.0000 mark currency pair shows positive movements and find resistance around 71.5000. On lower levels 70.7000 is act as support.

EURINR after negative opening showed correction and closed around its support.

Now, sustaining below support zone of 79.0000 currency pair shows bearish movements and drag towards its next support of 78.5000.

GBPINR showed bullish movements after positive opening closed with gain.

Currency pair continue positive rally towards its strong resistance zone of 92.0000 above which it is more bullish. On downward side 91.0000 is strong support for it.

JPYINR after negative opening showed correction closed with partial loss.

Sustaining above its immediate resistance of 65.5000 currency pair shows positive movements towards next resistance of 65.9000.

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