Forex Market News

Sell USDINR Strategy 68.88-68.92; Target Of 68.70

US dollar index is trading at 101.12, almost at the same level as the previous day.US dollar failed to latch on to the gains that were seen after a positive print of the third quarter GDP, which was reported at 3.2 % against an expectation of 3.0%.ADP non- farm payrolls and Pending home sales data would be in focus but the key driver would be the OPEC meeting outcome. We expect some more consolidation in US dollar before another leg up.

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Forex Market News

EURINR

Euro is trading at 1.0633, appreciating marginally against the US dollar in yesterday’s trade. Failure of the US dollar to break higher helped the marginal recovery in the euro.There was no major news yesterday but today the Euro calendar is heavy with the German retail sales and unemployment and the European CPI data. A positive reading coupled with the hesitant dollar can take the pair higher.

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Forex Market News

EURINR

Euro is trading at 1.0633, appreciating marginally against the US dollar in yesterday’s trade. Failure of the US dollar to break higher helped the marginal recovery in the euro.There was no major news yesterday but today the Euro calendar is heavy with the German retail sales and unemployment and the European CPI data. A positive reading coupled with the hesitant dollar can take the pair higher.

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Forex Market News

Rupee Opens Lower At 68.67 Per Dollar

The Indian rupee opened marginally lower at 68.67 on Wednesday per dollar versus 68.65 Tuesday. NS Venkatesh of Lakshmi Vilas Bank said, “The expectation is that the market will take cues from the equity market as well as the dollar index movement. Hence, it is expected that the USD-INR will trade in the range of 68.50-68.80/dollar.
The dollar fell on Tuesday as the greenback consolidated its position against most major currencies following a roller-coaster 24 hours which traders say may just be a precursor to three weeks of risk-packed events including the Federal Reserve’s December policy meeting.
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GBPINR

GBPINR Dec futures opened higher with gap and prices rose strongly for half of the session and later corrected while closing around 85.59. Prices have been rising gradually after breaking out from the range in the previous few sessions and are expected to rise further from these levels towards next strong resistances placed at 86.20 and 87.20 levels. On the lower side strong supports are placed at 85.20 and 84.70 levels .
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Forex Market News

Buy USDINR Around 68.60; Target Of 69.10

US dollar index is trading at 101. 38, having a mixed performance in yesterday’s session. US dollar depreciated against the Yen but remained supported against the other majors. There was no major data but the minor pull back in the bond yields led to some selling in the dollar. Today could a replay of yesterday as markets would remain on the sidelines before the OPEC meeting tomorrow.
USDINR Dec futures opened slightly higher and prices rose for half of the session and later corrected for the remaining session and closed around 68.93. Prices have taken support near previous top bottom support around 68.30 in the previous session and recovered strongly which is suggesting further appreciation in the pair till next resistances placed at 69.10 and 69.50 levels. Strong supports are placed at 68.60 and 68.30 level.
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Sell EURINR Strategy 73.17-73.27; Target Of 72.87

Euro is trading at 1.0596, giving up all the gains that were seen yesterday. There was no data from the EU as well but the early morning gains to 1 . 0685 could be considered as profit booking after the weekend . Political news about the French election added to the positive move and markets now would focus on the Italian referendum on Sunday.
EURINR Dec futures opened strongly higher with gap and prices continued to rise for half of the session and took resistance around previous bottom of 73.56. Prices corrected later in thesession and closed around 73.25 level. Prices have bounced back after consolidating in the previous few sessions and are expected to resume selling from these levels towards next strong supports placed at 72.90 and 72.70 levels.
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