Market Outlook

The Indian Rupee weaken by 13 paise to open at 70.8200 due to fresh demand for the American currency from importers, strengthening of the US dollar and heavy selling in the domestic equity market but soon it trimmed losses as the Reserve Bank of India, in its fifth bi-monthly Monetary Policy meeting, has decided to keep the repo rate unchanged at 6.5 per cent. On flip side, dollar was little changed against major Asian peers as resurgent fears over the U.S.-China trade war sapped demand for riskier assets, while the pound remained on the back foot as a parliamentary debate on the government’s Brexit plan continued.

Fundamental News

• India Reverse Repo Rate meets forecasts 6.25%.
• European Monetary Union Retail Sales (YoY) below expectations 2.1% in October: Actual 1.7%.
• Norway Current Account climbed from previous 80.94B to 91.78B in 3Q
• Sweden Industrial Production (YoY) climbed from previous 2.2% to 3.6% in October.

USDINR showed sideways to negative movements closed with partial loss.
Now, immediate support for the currency pair is seen around 70.5000 sustaining below which may shows more negative movements towards 70.3000.

EURINR after negative opening showed sideways movements closed with loss.
Psychological level of 80.0000 is act as strong support zone for the currency pair if breaks in upcoming session then find support near 79.8000.

GBPINR showed correction after negative opening closed with negative note.
If sustain below 90.0000 level then more bearish movements were seen in particular currency pair below which it may drag towards 89.8000.

JPYINR showed sideways to negative movements closed with negative bias.
Sustaining below 63.0000 levels suggest negative movements in currency pair towards its next support zone of 62.2000. On higher side 63.2000 is resistance for it.

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