Market Outlook

Against the US dollar, Indian rupee opened positive at 71.1425 and throughout the day hovered in the range of 71.1425 and 70.9775 after the greenback came under pressure against some currencies amid foreign fund inflows and a higher opening of domestic equity markets. Moreover, weakness in the dollar against major Asian peers as expectations of a trade deal between the United States (US) and China, and foreign capital inflows in the domestic equity markets supported the rupee.

Fundamental News

  • Japan Leading Economic Index came in at 97.5, below expectations 97.9 in December.
  • Austria Industrial Production (YoY) increased to 1.8% in December from previous 1%.
  • Switzerland Employment Level (QoQ) declined to 5.068M in 4Q from previous 5.07M.

USDINR after negative opening showed sideways to bearish movements closed around its support.

Currency pair found support around psychological level of 71.0000 if continue to trades below this mark it may shows more negative movements.

EURINR opened with negative bias after correction sustain on higher levels closed around its day high.

If continues positive movements in upcoming session then 81.0000 is seen as strong resistance zone for it. On lower levels 80.5000 is act as support.

GBPINR showed sideways to positive movements closed with gain.

If sustain above 93.0000 level then shows bullish movements towards its next resistance zone of 93.3000. On downward side 92.5000 is strong support for it.

JPYINR opened with partial gain unable to sustain on higher levels closed negative bias.

Now, breakout below strong support of 64.0000 may drag currency pair towards 63.7000 below which it is more bearish.

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