The Indian rupee gained against the US dollar on firm local stocks. On Muhrat trading Friday, the USDINR fell as low as 44.1725 to close at 44.2050, losing 0.1725 rupees. The EURINR and GBPINR fell on the day on EURUSD and GBPINR correction along with declining USDINR pair.
The Euro dropped sharply v/s the US dollar on Friday, losing over 178 points or 1.25%. The GBP lost half a percent. The Nonfarm payroll data was positive for the US dollar which has been trading weak on 2nd QE by the US Federal Reserve Bank.
During the month the US economy added 151K jobs, more than double and almost triples the expected 65K. Also, September's figure was revised to show a smaller loss as well - 41K jobs compared to the originally reported 95K. It was the first positive month of hiring since May, and is the first this year in which changes in temporary government staffing for the decennial census played almost no role. Private sector payroll employment rose by 159K.
The Euro seems nervous on Friday before the Greece election. Greeks went to the polls on Sunday in local and regional government elections billed as a vote of confidence in the governing socialists’ ability to steer the country away from bankruptcy. George Papandreou, prime minister, said he would call a snap general election if his governing socialist Pasok party failed to win “a clear victory” but avoided mentioning specific figures before the vote.
USDINR Nov: The market may see some sort of support around 44.30 levels and if rates breach the same, then expected to decline towards 44.10 levels. The resistance for intraday is seen at 44.50 levels. We expect range bound trade within lower bias for the day.
EURINR Nov: The pair may get support at 61.80 levels and breach of the same may see rates falling further. The market if manages to hold on to the support then mild recovery can be possible towards the immediate resistance of 62.05 and above that rates may gain towards 62.20 levels.