The Indian Rupee appreciated by 29 paise to open at 73.3950 and hovered in the range of 73.4300 and 72.6100 against the US dollar. Basically, the gain is probably on the back of declining crude oil prices in the global market amid fresh capital fund inflows from foreign investor. Also, strong domestic bourses aided the uptrend. On the flip side dollar eased back weekly gains following news that U.S. President Donald Trump had spoken to Chinese President Xi Jinping increased investor appetite for riskier assets and market participants waited for jobs data later in the session.
- Austria Unemployment Rate up to 7.3% in October from previous 6.9%.
- European Monetary Union Markit Manufacturing PMI came in at 52 below forecasts 52.1 in October.
- United Kingdom PMI Construction above expectations 52 in October: Actual 53.2.
USDINR open with negative bias showed bearish movements closed with loss.
Currency pair continues bearish rally if able to sustain below its immediate support zone of 72.4000 below which it may drag towards 72.0000 mark.
EURINR showed negative movements and closed around its support level.
Now, psychological level of 83.0000 is act as strong support for the currency pair if breaks it then drag towards next support level of 82.7000.
GBPINR found strong resistance on higher levels showed correction closed with partial loss.
Closing around its support zone suggests more bearish movements in particular currency pair if able to sustain below it.
JPYINR showed sharp bearish movements in early trade and closed with negative note.
If continues negative movements in upcoming session then it may drag towards psychological level of 64.0000. On higher levels 64.8000 is strong resistance for it.
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