Market Outlook

Rising for the eighth straight day, the rupee appreciated by 26 paise to open at 70.5475 and hovered in the range of 70.8675 and 70.2350 against the US dollar, as global crude prices slipped below the $60 per barrel mark.  Besides, dollar’s weakness against major Asian peers and firm domestic bourses too bolstered the Rupee. The dollar was broadly lower, with the euro and the pound gaining ground as concerns over Italy’s budget row eased, but market participants remained cautious as a host of geopolitical risks continued to loom over markets.

Fundamental News

  • United Kingdom BBA Mortgage Approvals up to 39.697K in October from previous 38.505K.
  • Switzerland Employment Level (QoQ) increased to 5.07M in 3Q from previous 5.048M.
  • Japan Leading Economic Index came in at 104.3, above forecasts 103.9 in September.

USDINR showed correction after negative opening closed with flat note.

71.0000 is act as strong resistance zone for the currency pair sustaining below this mark it may continue bearish movements towards 70.3000.

EURINR after negative opening showed correction but closed with bearish bias.

Now, 80.4000 is seen as immediate support for the currency if sustain below this level then more neative movements can be seen in it.

GBPINR unable to sustain on lower levels after negative opening closed with partial loss.

If currency pair able to sustain above 91.0000 mark in upcoming session then some correction can be seen in it otherwise it may continue down trend.

JPYINR found support around psychological level showed correction closed with negative note.

Currency pair continues bearish movements if sustain below its support zone of 62.3000 and drag towards its next support level of 62.0000.

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