Market Outlook

The Rupee opened at 65.4725 up by 8 paisa but break the previous low and made new low at 65.7574 and hovering between 65.7100 and 65.7575 in today’s trading hour against the dollar on widening trade deficit concerns and high geopolitical worries. Rupee closed at 65.6925 down by 15 paisa. Against a currency basket, the dollar Slid to three week lows as concerns over tensions between the Russia and U.S eased, while the pound hit a post Brexit high ahead of the latest UK job report.

Fundamental News

  • Industrial Output (YoY) of Mexico registered (-0.4%) in December: Actual (-0.9%).
  • Bank of China set the Yuan reference rate at 6.3320 vs. Friday’s fix of 6.3340.
  • Current account deficit of India spread to 2% of GDP (USD13.5bn) in Q4 2017 from 1.1% (USD7.2bn) in Q3.

USDINR

USDINR open with positive bias continue bullish movements and closed around its resistance. For upcoming session if sustain above its resistance mark then more bullish rally were expected in it towards 66.0000. On downward side 65.5000 is support for it.

EURINR

EURINR after positive movements showed correction and closed with gain. Currency pair closed around its support level if sustain below it than more correction is expected in it towards 81.0000, whereas 81.6000 is resistance zone.

GBPINR

GBPINR showed correction after bullish movements closed with positive note. Coorection will be seen if sustain below its immediate support mark of 94.0000 and may find next support near 93.5000. On higher side 94.5000 is resistance level.

JPYINR

JPYINR found strong resistance on higher levels and closed with positive bias. 61.5000 is act as strong resistance level for it if give breakout in upcoming trading session then it may find resistance around 61.8000.

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