Market Outlook

The rupee on Wednesday hit nearly six-week high against the US dollar as local equity markets gained over 400 points after India jumped 30 spots to 100 in World Bank’s ease of doing business ranking for 2018.The dollar steadied against a basket of major currencies on Wednesday as investors eyed a policy decision from the U.S. Federal Reserve later in the day, while New Zealand’s battered dollar surged on stronger-than-expected jobs data.

Fundamental News

•    Australia RBA Commodity Index SDR (YoY) down to 9.1% in October from previous 18.3%.
•    Indonesia Core Inflation (YoY) climbed from previous 3% to 3.07% in October.
•    United Kingdom Nationwide Housing Prices n.s.a (YoY) registered at 2.5% above expectations (2.2%) in October.

USDINR

USDINR pair has given steep fall after breaching its major support level and closed with negative note. It has crucial support level of 64.7000 below this more selling can be seen. 65.0000 is psychological resistance level.

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EURINR

EURINR pair started the day with gap down but unable to sustain its lower level and bounce back, settled the day with loss.If it sustain below support of 75.3000 then it may move towards deeper support level. 75.8000 is resistance level.

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GBPINR

GBPINR pair continued its northward journey and closed near to its resistance level.Now, 86.5000 is important resistance level above this good upside movement can be expected. 85.8000 is crucial support level.

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JPYINR

JPYINR pair drags down from its upper level and closed near to its support level.56.9000 is act as important support zone below this it can take more correction. 57.1500 is immediate resistance level for it.

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