Market Outlook

Against US dollar, the Indian rupee opened flat at 70.1600 and throughout the day traded in the range of 70.1600 and 69.8900 amid weakening of the American unit and positive opening in the domestic equity market. Moreover,foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove. On the flip side, dollar was broadly steady in thin year-end trading on Monday with the Australian dollar leading gainers as tensions over a trade dispute between the US and China faded on expectations of progress in trade talks.

Fundamental News

  • India Federal Fiscal Deficit, INR climbed from previous 6485.8B to 7166.25B in November.
  • Greece Retail Sales (YoY) down to -4% in October from previous 3.3%.
  • Turkey Trade Balance: -0.65B (November) vs previous -0.456B.
  • Mexico Trade Balance s/a, $ declined to $-2.763B in November from previous $-1.527B.

USDINR after negative opening showed correction found resistance on higher levels closed around its day low.
Currency pair closed below its psychological level of 70.0000 now, some correction can be seen in it towards lower support zone of 69.5000.

EURINR opened with negative bias showed sideways movements closed with loss.
Immediate support for the currency pair is seen around 80.0000 breakout below this mark it may shows more negative movements.

GBPINR found strong support on lower levels showed positive movements closed around its day high.
If able to sustain above its support zone of 89.0000 it may continue bullish movements and find resistance near 89.8000.

JPYINR unable to sustain on lower levels showed correction closed with partial loss.
Currency pair found strong resistance on higher levels if breaks it in upcoming session it may find next resistance around 64.2000.

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