Market Outlook

The rupee rose 10 paise to 64.01 against the dollar today as the US Congress gave its final seal of approval to a sweeping tax legislation.Dubbed as the biggest overhaul of the US tax code in 30 years, the Bill slashes taxes for corporates as well as the middle class.
The Reserve Bank of India (RBI) may either be holding back Rs 2,000 notes or could have stopped printing high denomination currency, says a SBI Research report.

Fundamental News

•    Canada: Headline CPI inflation to jump to 1.9% y/y in November – TDS
•    Brazil Mid-month Inflation below expectations (0.36%) in December: Actual (0.35%).
•    US: Philadelphia Fed Index and third print of Q3 GDP to be the highlight – TDS.

USDINR

USDINR open with negative bias showed sideways movements and closed with partial loss.Currency pair found strong support of psychological level i.e. around 64.0000, if sustain below it than more negative movements were expected. 64.2000 is act as resistance.

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EURINR

EURINR open with positive strength and continue bullish rally closed with gain.For upcoming session 76.3000 is act as strong resistance if able to break it than it may show bullish movement’s upto 76.6000 level. 75.9000 is immediate support for it.

2

GBPINR

GBPINR pair opened gap down trades around its support and closed with negative bias.Now, 85.5000 act as immediate support level if it manages to hold this mark then it may continue its bullish rally upto 86.1000. Contrary drags toward next support i.e. 85.2000.

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JPYINR

JPYINR opened session with negative bias continue bearish movement and closed around intraday support.It may shows more negative movements if able to sustain below its intraday support and find next support near 56.0000. Whereas, 56.8000 is resistance for it.

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