Market Outlook

The rupee opened the day at 68.68 against the dollar, down 3 paise from its previous close. The local currency had settled 11 paise higher at 68.65 against the greenback on Tuesday. Market experts said adequate dollar supplies following suspected RBI intervention through state-owned banks mainly supported the recovery in the rupee.
The greenback, in terms of the US Dollar Index (DXY), has surrendered part of its initial gains and is now testing the lower bound of the range near the 101.00 handle.

Fundamental News

•    Dollar slips as rally stalls after strong U.S. data.
•    Eurozone Money Supply Growth Slows To 19-Month Low.
•    Germany Unemployment Rate s.a. in line with expectations (6%) in November.
•    Denmark Gross Domestic Product (QoQ) remains at 0.4% in 3Q.


USDINR took strict resistance at higher levels and dropped sharply during the session.It was unable to hold at 69.0000 mark in last two sessions and fall in today’s session indicates that it may further slip towards 68.3000.



EURINR traded in seasaw manner and finally was able to close on a flat to positive note.Strength can be seen till it sustains above 73.0000 mark while holding below 72.9000 can be a weak sign for the currency pair.



GBPINR hold for the first half on higher levels but major breakdown was seen in the later half.Now, on daily charts, 84.9500 is seen as crucial support for the counter and closing below it can be a reason for major downfall whereas 85.7000-86.0000 is seen as resistance.



JPYINR dragged throughout the session and closed again on a weak note.As per our last report, overall trend is weak which dropped the counter at resistance levels and now 61.2000 may act as immediate resistance while 60.1000 as support.


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