Market Outlook

Against the US dollar, the Indian Rupee opened flat and throughout the day hovered in the range of 72.1200 and 71.5500 on account of fresh demand for the American currency from importers amid rise in crude prices weighed on the domestic unit.  Moreover, weakness in the US dollar against some currencies in global market and a higher opening of the domestic bourses bolstered the rupee to move ahead. On the flip side, the dollar plunged against major Asian peers, adding to Friday’s losses amid uncertainty over the pace of future U.S. interest rate hikes.

Fundamental News

  • European Monetary Union Current Account n.s.a climbed from previous €20.5B to €24.07B in September.
  • Japan Merchandise Trade Balance Total down to ¥-449.3B in October from previous ¥139.6B.
  • United States CFTC Oil NC net positions fell from previous 403.8K to 381.2K.

USDINR after positive opening found resistance on higher levels closed with negative bias.

Immediate support for the currency pair is seen around 71.4000 sustaining below this level it may continue bearish movements.

EURINR showed correction after positive opening closed with gain.

Currency pair continue its bearish trend if able to sustain below psychological level of 82.0000 and find support around 81.5000.

GBPINR showed sideways to bearish movements closed with flat note.

Now, psychological level of 92.0000 is act as support zone for the currency pair if breaks in upcoming session drag it towards 91.7000 mark.

JPYINR found strong resistance on higher levels showed correction closed with partial loss. 63.3000 is act as strong support level for the currency pair sustaining below this mark may shows bearish rally towards 63.0000.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *