Market Outlook

The Rupee continued to appreciate further for the third straight day on Wednesday. It opened nearly 2 paise up against dollar on account of sustained selling of the American currency by banks and exporters.
The dollar index wallowed near six-week lows on Wednesday, pressured by U.S. President-elect Donald Trump’s comments showing concern over the currency’s strength, while sterling edged down after posting its biggest one-day gain since at least 1998 after British Prime Minister Theresa May outlined her ‘Brexit’ plans.

Fundamental News

•    European Monetary Union Consumer Price Index – Core (YoY) in line with expectations (0.9%) in December.
•    United Kingdom Average Earnings including Bonus (3Mo/Yr) came in at 2.8%, above expectations (2.6%) in November.
•    Austria HICP (MoM) climbed from previous 0.1% to 0.7% in December


USDINR gained bull momentum from the support levels and closed the session in green.aStrong support was seen near the psychological level of 68.0000 and closing above it indicates that up move may lift it towards the immediate resistance of 68.4000.



EURINR was able to sustain at higher levels during the session and closed around it.Now, 73.0000 will mark as important resistance sustaining above which can result in up move whereas 72.5000 as major support for the pair.



GBPINR opened gap up and closed at higher levels gaining around 1.25% from previous close.If the currency pair climbs higher then 84.2000 is seen as immediate resistance whereas 83.6000 will act as major support for it.



JPYINR was able to maintain at high levels i.e. able the mark of 60.0000.Strength can be expected in it till it sustains above 60.0000 and may surpass the immediate resistance of 60.3000. On lower side, 59.7000 is seen as good support.


(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *