Market Outlook

The Indian rupee on Wednesday was trading marginally lower against US dollar tracking losses in its Asian peers, retreating from over 29-month high it scaled on Tuesday, level last seen on 17 July 2015. The rupee opened at 63.58 a dollar and touched a high and a low of 63.46 and 63.58 respectively. The dollar index, which measures the US currency’s strength against major currencies, was trading at 91.94, up 0.07%, from its previous close of 91.872.

Fundamental News

•    United Kingdom PMI Construction registered at 52.2, below expectations (52.5) in  December.
•    Germany Unemployment Change below forecasts (-12K) in December: Actual (-29K).
•    Switzerland SVME – Purchasing Managers’ Index came in at 65.2, above forecasts   (64.6) in December.

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USDINR pair has given some recovery from its lower level and closed the session with positive note.

It has immediate resistance of 63.8000 if its manages to hold above this mark then more short covering can be seen where as 63.5000 is crucial support.



EURINR pair drags down from its higher level and settled the session with negative note. For upcoming session if it sustain below 76.3000 then more correction can be seen, on higher side it has resistance of 77.1000.



GBPINR pair unable to sustain on higher level and came down, closed the session near to its days low. Now, 86.3000 is immediate support level below this mark more down side movement can be expected. 86.8000 is important resistance level.



JPYINR pair was trading under tight range throughout the day and closed the day with flat note. This pair has resistance of 57.0000 if it breaks and manages above this mark then breakout can be seen, on southern side 56.6000 is support level.


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