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Market Outlook

The Rupee opened nearly 10 paise higher at 68.11 on Tuesday on account of selling of American currency by bank and exporters. The dollar moved back towards a 14-year peak on Wednesday as US debt yields resumed climbing, giving a lift against the safe-haven yen.The Turkish lira hit a fresh record low on Tuesday, pummelled by higher-than-expected inflation and security worries after militant attacks, though strong Chinese factory activity data boosted broader emerging equities to near three-week highs.
Fundamental News

•    European Monetary Union Consumer Price Index (YoY) came in at 1.1%, above expectations (1%) in December.
•    Brazil Fipe’s IPC Inflation increased to 0.72% in December from previous 0.15%.
•    United Kingdom Net Lending to Individuals (MoM) rose from previous £4.9B to £5.1B in November.

USDINR

USDINR opened with negative bias and sustained on lower side for the entire session closing in red.On further fall, the pair will get strong support around 68.0000 mark while 68.5200 will continue to act as major resistance for the coming sessions.

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EURINR

EURINR sustained on lower side and in the same range as of previous session to close on a flat note.Selling pressure could be seen at higher levels till it sustains below the level of 71.4000 while 71.0000 may act as next support. Strict resistance is seen near 71.5000.

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GBPINR

GBPINR lost its positive momentum after hike in previous session rather closed on negative note.The pair is near to the support of 83.6500 surpassing which may further result in negative breakdown whereas 84.0000 may resist it to move higher.

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JPYINR

JPYINR showed a short pull back from support levels and closed the session in green territory.
Now, any closing above 58.2500 can strengthen the counter and may rise towards the near resistance of 58.6000 while on lower side, 57.9000-57.7000 is seen as support range. showed a short pull back from support levels and closed the session in green territory.Now, any closing above 58.2500 can strengthen the counter and may rise towards the near resistance of 58.6000 while on lower side, 57.9000-57.7000 is seen as support range.

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