Market Outlook

The rupee was trading marginally higher at 63.84 against the dollar at the Interbank forex market today in pre-close trade. Domestic equity markets soaring to new highs and the dollar losing sheen against some other currencies overseas supported the local unit, traders said. The dollar rose 0.2 per cent to 90.73 against the basket after falling to a December 2014 low of 90.113 in the Asian session. The euro last stood at $1.2194, up 0.1 per cent on the day but well below a peak of $1.2323 set on Wednesday, the euro’s strongest level since December 2014.

Fundamental News

  • Hong Kong SAR Unemployment rate declined to 2.9% in December from previous 3%.
  • China Fixed Asset Investment (YTD) (YoY) above forecasts (7.1%) in December: Actual (7.2%).
  • Netherlands, The Unemployment Rate s.a (3M) remains unchanged at 4.4% in December.

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USDINR

USDINR pair was unable to hold its higher level and came down, close with weak note. It has major support level of 63.6000 below this more selling may be witness. On higher side 64.1000 is resistance mark above this level upside movement may be seen.

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EURINR

EURINR pair has given good recovery from its support level and closed the session near to its days high. For upcoming session if it manages to hold above 78.5000 then more upside movement can be seen, where as 77.8000 is crucial support level.

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GBPINR

GBPINR pair has given resistance breakout and closed the session with good gain. Now, 89.0000 is acting as a psychological resistance level above this more northward movement can be seen, 88.0000 is major support level.

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JPYINR

JPYINR pair started with gap down and moved under tight range throughout the day closed the session with loss. This pair has immediate support level of 57.3000 below this more selling may be witness towards next support of 57.0000. On higher side 57.6000 is resistance level.

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