Market Outlook

The Rupee plunged by another 17 paise to 68.25 against the US dollar in early trade on Thursday on increased demand for the American currency from importers.
Short-term funding costs in China shot to their highest in nearly 10 years on Thursday on fears that liquidity was sharply tightening heading into the long Lunar New Year holidays. Most Asian currencies fell against the dollar on Thursday after comments by Federal Reserve Chair Janet Yellen .

Fundamental News

•    Netherlands, The Consumer Confidence Adj rose from previous 12 to 13 in January.
•    Hong Kong SAR Unemployment rate remains unchanged at 3.3% in December.
•    European Monetary Union Current Account s.a came in at €36.1B, above expectations (€29.3B) in November.


USDINR opened on a positive note but could not extend the gains during the session and closed flat.
Strength can be seen till it sustains above the mark of 68.0000 and maintaining above this will find 68.5000 as strict resistance for the pair.



EURINR showed range bound movement and traded in the same range as of previous session.
The currency pair is expected to face stiff resistance around 73.0000 and any correction on lower side from current levels may find 72.2000 as major support.



GBPINR carried the bulls of previous session on higher side and closed in green territory.
If the counter further moves northwards then 84.5000 may act as good resistance whereas 83.7000 is seen as immediate support for it.



JPYINR faced strong resistance as observed on daily charts in previous session and fell sharply on lower side.
Now, any closing below 59.2800 can further weaken the trend which can result in testing deeper supports while 60.3000 will continue to act as crucial resistance.


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