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Market Outlook

The rupee opened nearly 3 paise higher at 68.20 against the dollar amid selling of the American currency by banks and exporters. Dollar slumped in light pre-New Year holiday trade, slipping from its 14-year-high against a basket of currencies.The greenback slumped after data from the National Association of Realtors’ showed U.S. pending home sales dropped to the lowest level in almost a year in November, a sign the property market could be losing steam.

Fundamental News

•    Greece Retail Sales (YoY) dipped from previous 2.6% to 2.4% in October.
•    BOJ announces its JGB-buying plans for initial operation in Jan 2017.
•    Italy Producer Price Index (YoY) climbed from previous -0.6% to -0.3% in November.

USDINR

USDINR dragged for the second consecutive session from resistance levels and finally closed on weak note.On daily chart, important support level so witnessed is 68.0000 mark sustaining below which can further result in bears whereas 68.5000 is still marked as stiff resistance.

1

EURINR

EURINR opened on a strong note and took strict resistance on daily chart; however managed to close on strong note.
Now, any closing above 72.1500 can result in positive momentum for the currency pair whereas 71.6500 is immediate support for it.

2

GBPINR

GBPINR again moved in the same range for the entire session and closed on a flat to negative note. On lower side, if it holds below the support of 83.6500 then sell offs could be seen whereas 84.3000 will continue to act as important resistance for the pair.

3

JPYINR

JPYINR could not hold on higher levels after the positive momentum so seen in the previous session.It opened gap down and sustained on lower levels. On lower side, 58.2000 may act as immediate support surpassing which can weaken the trend of the counter.

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