Market Outlook

The Indian rupee opened higher at 63.68 per dollar on Wednesday versus previous close 63.71.Pramit Brahmbhatt of Veracity said, “Rupee will trade on a flat note in absence of any cue. Trading range for the spot USD-INR pair will be 63.50-63.80.” The dollar edged higher against a basket of major currencies and hit an 11-day peak. While the Japanese yen also strengthens after the Bank of Japan decided to reduce its purchases of long-dated government bonds.

Fundamental News

•    United Kingdom Total Trade Balance fell from previous £-1.405B to £-2.804B in November.
•    South Africa Business Confidence Index rose from previous 95.1 to 96.4 in December.
•    Sweden Industrial Production (MoM) dipped from previous 1.9% to 0.9% in November.

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USDINR pair has drag down from its important resistance level and closed the session with loss. This pair has major support level of 63.5000 below this more selling can be expected. On higher it has resistance of 64.0000 above this upside movment can be see.



EURINR pair has given bounce back from its lower level and settled the session with gain. Now, 76.8000 is major resistance level if it manage to hold above this mark then more upside movement can be seen. 76.0000 is support zone.



GBPINR pair showed correction but unable to sustain on lower levels closed with partial loss. If it manages to hold above 86.5000 then good upside movement may witness towards 86.8000 where as 86.0000 is crucial support level.



JPYINR pair has given good upside movement and closed the session near to its day high. For upcoming session if it manages above 57.5000 then more upside movement can be seen. On southern side 56.9000 is a crucial support level.


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