Market Outlook

The Indian rupee recovered from the day’s low and trading flat at 71.8900 per dollar, with domestic equity market trading higher. The dollar stabilised against a broad basket of other currencies on Tuesday after three consecutive days of losses as investors waited for the release of the minutes of the U.S. central bank meeting at end-October when policymakers had cut interest rates.

Fundamental News

  • Dollar depressed amid trade skepticism, Bitcoin battered, Johnson-Corbyn debate eyed
  • OPEC’s share of Indian oil imports in October hits lowest since 2011
  • Hong Kong university standoff extends, passenger trains temporarily suspended
  • Japan’s Aso: Tax revenue for FY19 may be smaller than expected

USDINR

USDINR found resistance on higher levels showed correction closed with loss. Now, immediate support for the currency pair is seen around 71.6000, breakout below this mark it may drag towards 71.4000.

EURINR

EURINR showed correction from higher levels closed with partial loss. On higher levels 80.0000 is act as strong resistance zone for the currency pair below this mark it may shows bearish movements towards 79.0000.

GBPINR

GBPINR showed bearish movements from higher levels closed with negative bias. 93.0000 is act as immediate resistance for the currency pair sustaining below this mark it may continue bearish movements towards 92.3000.

JPYINR

JPYINR opened with positive bias unable to sustain closed around its support. Currency pair continue positive movements if able to sustain above resistance of 66.2000 and find next resistance around 66.5000.

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