GLOBAL UPDATES
· Asian
markets open on a flattish note
·Germany
agrees to pursue grand coalition
·US housing
sales data for October beats expectations
·Tensions
regarding Northern Ireland border to affect Brexit negotiations
FUNDAMENTAL OUTLOOK
Indian rupee USDINR spot appreciated by 0.31 percent on Monday
despite dollar index rising by 0.13 percent in the yesterday’s trading session.
This was on account of better than expect home sales data In US for the month
of October. Housing sales is one of the major factors the affect the US
economy. Also, the Indian equity market closed higher for eight consecutive sessions.
S&P keeps India’s rating unchanged at BBB-with a stable outlook.
USDINR spot is expected to appreciate as dollar would be cautious
on account of Fed Chair designate Jerome Powell speaking before the US Senate
Committee.
Euro
Yesterday, EURINR spot appreciated by 0.46 on account of
strength seen in US dollar during the trading session. Euro remained cautious despite
the announcement to pursue Grand Coalition in Germany. EURINR is expected to
trade sideways
in the coming trading session.
Sterling pound
Yesterday, GBPINR spot appreciated by 0.45 percent on account
of strong dollar and tensions regarding Brexit negotiations. UK, Prime Minister
Theresa May was given ultimatum to resolve the Northern Ireland border issue
with Ireland in order to proceed ahead with Brexit negotiations. GBPINR spot is
expected to move sideways in the coming session.
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