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Market Outlook

The rupee slipped by 2 paise to trade at 67.84 against the US currency in late morning deals following bouts of fresh month-end dollar demand from banks and importers. The dollar edged slightly lower against a basket of currencies in quiet post-Christmas trade on Monday, as investors took profits ahead of the end of the year.The euro was little changed against the greenback at 1.0451 by 09:00GMT, rebounding from last week’s 13-year low of 1.0352.

Fundamental News

•    Japan Corporate Service Price (YoY): 0.3% (October) vs previous 0.5%.
•    Australia CFTC AUD NC net positions declined to $3.9K from previous $14K.
•    European Monetary Union CFTC EUR NC net positions up to €-78K from previous €-88K

USDINR

USDINR dragged for the second consecutive session and closed on lower note.The pair closed around its important support level of 67.7000 holding below which can result in further weakness whereas 68.1000 is seen as strict resistance.

1

EURINR

EURINR gradually dragged during the session and closed on a flat to negative note.If it sustains below the mark of 71.0000 then 70.5500 is seen as important support for the counter while 71.3000 will continue to act as strong resistance.

2

GBPINR

GBPINR showed sideways movement for the session and closed in the same range as of previous.On daily chart, 83.0000 is seen as important support for the currency pair surpassing which can result in bears whereas 83.5500-83.7500 may act as resistance range.

3

JPYINR

JPYINR again sustained in the same range as in last few sessions and closed on a flat note.
It was unable to strongly surpass the resistance mark of 58.0000 which it faced since last many sessions and 57.5000 is seen as important support.

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