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Market Outlook

The Indian rupee on Monday closed at a two week high against the US dollar, ahead of the bi-monthly policy of the Reserve Bank of India on 7 December. This was the fifth consecutive sessions when the rupee closed higher
Euro sinking to a 20—month low against the American currency after Italy Prime Minister Matteo Renzi resigned following a heavy referendum defeat.

Fundamental News

•    Euro rebounds after hitting 21-month low on Italian referendum defeat.
•    European Monetary Union Retail Sales (MoM) came in at 1.1%, above forecasts (0.9%) in October.
•    Volume of retail trade up by 1.1% in euro area.
•    Growth of business activity at nine-month high in Italy.

USDINR

USDINR broke trendline on intraday charts acting as resistance and able to closed above it.
If it open around the consolidation form on intraday charts than breakout of trendline is expected above this level and next resistance is seen around 68.6500.

1

EURINR

EURINR opened negative but showed bullish rally for whole intraday session and closed on higher note.
Now, it closed around its resistance level of 73.3000 if able to break this resistance than more positive movement expected in it towards next resistance i.e. 73.6000.

2

GBPINR

GBPINR open with positive bias and able to sustain on higher levels and closed in green.
Continuous buying in particular currency showed strength and more positive movement are expected in it and may find next resistance in range of  87.5000-87.7000.

3

JPYINR

JPYINR opened with nominal gains but unable to sustain on higher levels and closed in red.
Now, if it sustain below psychological level of 60.000 than more selling pressure seen in particular currency towards its next support level of 59.4000.

4

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