INR forecast: INR likely opens at 70.49 as a against last week close of 70.67 and may trade the day between. 70.25-70.75 under two way price action.
Technically, INR should have paused at 71.10 but there was not pause and this was surprising. It could be either because of large inflows (market talk of Arcelor inflows) or shows that far more gains are in store.
Going ahead, ideally for sometime, INR should hold around 69.80 to 70 levels and wait for cues from US- China meeting on Dec 1 (Saturday) and State election results on Dec 11.
.
This week market main focus will be on Fed meeting minute to get fresh insight on FOMC stand of rate hike. Fed chair Jerome speech will be closed watched by the market. Also, ECB chief Mario Draghi will testify before the Parliament on the status of Eurozone economy.
.
On Friday crude fell to multi month low below 60 indicating possibility of 56-57 in coming days.