Market Outlook

The rupee traded nearly 16 paise down at 68.22 against dollar early Wednesday on account of buying of the American currency by companies and importers amid mixed global cues. The U.S. dollar inched higher against the other major currencies amid low-volume holiday trading Wednesday.Meanwhile, the euro dipped 0.1% to against the greenback to 1.0445, not far from last week’s 13-year low of 1.0352.not far from last week’s 13-year low of 1.0352.
Meanwhile, the euro dipped 0.1% to against the greenback to 1.0445, not far from last week’s 13-year low of 1.0352.
Fundamental News

•    United Kingdom BBA Mortgage Approvals came in at 40.659K below forecasts (41.6K) in November.
•    Switzerland UBS Consumption Indicator fell from previous 1.49 to 1.43 in November.
•    The U.S. Consumer Confidence Index for December surged nearly 113.7, the highest level in more than 15 years!.

USDINR continued the strength so shown in the last session and closed on a positive note.Now, on daily chart, immediate resistance so seen is 68.4000 holding above which can lead the pair higher whereas 68.0000 will now act as important support.



EURINR rallied further and reached towards its immediate resistance levels and closed in green.If it continues to rise then 71.6000-71.8000 is seen as resistance range whereas 71.2000 is marked as important support for the pair.



GBPINR gave positive breakout above the trend line as mentioned in the previous report. If the pull back so seen continues then 84.2500 will resist the counter to move northwards otherwise any closing below 83.5000 will be a weak signal for it.



JPYINR is not able to give movement in a specific direction as it is moving in sideways range since last few sessions.
Strength is expected in the currency pair till it sustains above 58.0000 and hence may move on higher side while near term is seen around 57.7000.


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