Market Outlook

The Indian rupee was trading nearly a month low on November 11, following selling pressure in domestic equity market. It opened lower by 5 paise at 71.4000 per dollar versus Friday’s close 71.3500. Focus will now shift to India’s macroeconomic data to be released in the next week.

The dollar held near multi-week highs amid optimism that the United States and China would roll back tariffs that have hurt global growth.

Fundamental News

  • Trump’s trade pessimism pressures markets, Spain stuck again, UK GDP set to rise.
  • Asian stocks dragged lower by 2% drop in Hang Seng.
  • UK employers’ hiring plans lift off 18-month low.
  • China’s full opening-up of its financial sector to help stabilize yuan in long term.

USDINR opened with partial gain found resistance and closed with gain.

Sustaining above immediate resistance of 71.6000 currency pair shows positive movements and find resistance around 72.0000.

EURINR after positive opening found resistance and closed around its support.

If able to sustain below 79.0000 mark in upcoming session currency pair continue bearish movements and find support near 78.5000.

GBPINR found support and showed bullish movements closed with positive note.

92.0000 is seen as immediate resistance zone for the currency pair breakout above this mark 92.3000 is act as next resistance for it.

JPYINR showed sideways to bullish movements after positive opening closed with gain.

Currency pair continue its positive rally towards resistance zone of 66.0000 above which it may find resistance around 66.2000.

(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Your email address will not be published.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 *