USDINR Daily Update - 29-Nov

Major currency pairs witnessed subdued action on account of ‘Thanks Giving Day’. EUR/USD pair failed to break 1.10 handle despite weak German CPI reading. German CPI slipped into negative territory to -0.8% M-o-M. USD/CNH pair spiked above 7.03 handle amid expected retaliation by China on Hong Kong law.

On domestic front, USD/INR opened the session on a flat note at 71.61. Partially convertible rupee will take further cues from Q2 GDP numbers, schedule to release later during the day. India’s Q2 GDP growth is expected to slow further to 4.7% against Q1 GDP growth of 5.0%. For the day, USD/INR pair has support at 71.44-48 levels and first resistance at 71.72-75 levels and second resistance 71.88-92 levels. Range for day 71.50-71.90.