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Market Outlook

The Rupee extended its gains against the American currency for the second straight day, firming up by another 8 paise to close at 68.07 on s
The U.S. dollar index was down 0.2 percent on Wednesday. It registered a bullish trend since President Donald Trump was elected on hopes that the new administration would foster economic growth. But since Trump’s inauguration, investors have not received details on how his plans to cut taxes and provide fiscal stimulus will work. Trump needs to be clearer about his fiscal policies so one can better understand what may happen to the U.S. dollar, a currencies strategist.

Fundamental News

•    Japan Corporate Service Price (YoY) rose from previous 0.3% to 0.4% in November.
•    Japan Foreign investment in Japan stocks fell from previous ¥246.5B to ¥-376.1B in January 20.
•    New Zealand Consumer Price Index (YoY) came in at 1.3%, above forecasts (1.2%) in 4Q.

USDINR

USDINR again moved in the same specific range and was unable to sustain on higher levels during the session.
The pair took strong support around 68.0000 mark and any closing below it can further drag the counter. On higher side, 68.3000-68.5000 will continue to act as resistance range.

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EURINR

EURINR was trading at lower levels but managed to gain momentum in the later half of the session and closed on flat to positive note.Immediate resistance seen ahead is 73.4000 whereas 72.7000 is seen as support for the pair.

2

GBPINR

GBPINR continued the bullish movement on daily chart on back of strength in pound.The psychological resistance seen ahead is 86.0000 for the currency pair whereas 85.2000-85.0000 may act as immediate support for it.

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JPYINR

GBPINR continued the bullish movement on daily chart on back of strength in pound.The psychological resistance seen ahead is 86.0000 for the currency pair whereas 85.2000-85.0000 may act as immediate support for it.

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