Market Outlook

The Indian Rupee apreciated by 5 paise to open at 71.1550 against the US dollar on account of easing crude oil prices and selling of the dollar by exporters supported the rupee, while a lower opening in domestic equity market restricted the uptrend.On the flip side, dollar rose slightly against major Asian peers ahead of U.S.-China trade talks and a Federal Reserve policy decision while yuan gained even after data showing that China’s industrial profits fell for the second straight month in December.

Fundamental News

  • PBOC fixed the yuan dramatically stronger against the dollar overnight, sending offshore yuan surging to its strongest against the dollar in six months.
  • Sweden Trade Balance (MoM) down to -4.7B in December from previous 4.9B.

USDINR showed sideways movements throughout the session closed with loss.
Now, 71.7000 is seen as strong resistance zone for the currency pair if continue bullish movements then find resistance around it.

EURINR after positive opening showed correction closed around its day high.
Currency pair shows positive movements if able to break its immediate resistance level of 81.7000 and find next resistance near 82.0000.

GBPINR showed correction after positive opening and closed with gain.
Sustaining above 94.0000 level in upcoming session give strength to particular currency pair and shows bullish rally towards 94.5000 mark.

JPYINR showed sideways movements and able to closed with positive note.
65.5000 is seen as strong resistance zone for the currency pair if unable to break it then correction can be seen in it towards 64.8000 levels.

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