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Market Outlook

The Rupee opened 11 paise higher at 68.09 against dollar on Tuesday on account of selling of American currency by banks and exporters.
The dollar wallowed near its lowest levels since early December on Tuesday, kept under pressure by concerns that U.S. President Donald Trump was focusing more on protectionism and less on pro-growth economic policies. The currency had soared over 6 percent to 14-year highs in the eight weeks following Trump’s surprise election victory in November, as investors bet his promised infrastructure spending and tax cuts would boost growth and inflation.

Fundamental News

•    United Kingdom Public Sector Net Borrowing registered at £6.421B, below expectations (£7B) in December.
•    European Monetary Union Markit Services PMI below expectations (53.9) in January: Actual (53.6).
•    Germany Markit Manufacturing PMI came in at 56.5, above forecasts (55.4) in January.

USDINR

USDINR did not showed any major moves and traded in the same narrow range on daily chart.On daily chart, the currency pair needs a proper breakout on either side to decide the trend further. Major resistance for the counter is 68.5000 whereas 68.0000 as near support.

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EURINR

EURINR opened on a strong note but could not sustain on higher levels and closed the session in red zone.Strength is expected in the pair till it sustains above 73.0000 mark where resistance is seen near 73.6000 whereas any closing below 73.0000 can weaken it.

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GBPINR

GBPINR opened with a bang but volatile movements were seen throughout the session.The pair was unable to sustain on higher levels i.e. around 85.0000 sustaining below which can further drag it to deeper support whereas 85.3000 may act as important resistance.

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JPYINR

GBPINR opened with a bang but volatile movements were seen throughout the session.The pair was unable to sustain on higher levels i.e. around 85.0000 sustaining below which can further drag it to deeper support whereas 85.3000 may act as important resistance.

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