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Market Outlook

The rupee opened nearly 15 paise higher at 67.90 against dollar on Thursday on account of selling of American currency by bank and exporters.The dollar stepped further away from a 14-year peak against a basket of major currencies on Thursday as market players were spooked by sharp falls in the dollar against the Chinese yuan.
China’s onshore yuan and its offshore counterpart rose sharply in early afternoon trade on Thursday.

Fundamental News

•    Switzerland Consumer Price Index (MoM) increased to -0.1% in December from previous -0.2%.
•    Hungary Unemployment Rate (3M) declined to 4.5% in November from previous 4.7%.
•    Denmark Unemployment Rate remains unchanged at 3.4% in November.

USDINR

USDINR continued the negative move since last two consecutive sessions and closed in red zone.The currency pair was unable to sustain below 68.0000 and weak trend may continue if it sustains below the same. The resistance range is seen in the range of 68.2000-68.5000.

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EURINR

EURINR opened gap up but dragged in the later half but however managed to close in green.The counter is facing stiff resistance around 72.0000 mark whereas on lower side, 71.2000 is seen as immediate support if it holds below 71.5000.

2

GBPINR

GBPINR showed much volatility as it showed zigzag movement in intraday and closed on a flat to positive note.
It strongly resisted around 84.0000 mark and moved in the same range as of previous few sessions. On lower side, 83.5500 is seen as strong support for it.

3

JPYINR

JPYINR opened gap up and sustained at higher levels to close on a strong note.On daily chart, 58.8500 may act as strong resistance to show up move whereas 58.2500 is seen as immediate support for the pair below which bears may become active.

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