Market Outlook

The rupee opened nearly 5 paise down at 67.47 against the dollar on Tuesday on account of buying of the American currency by banks and importers as its Asian peers weakened.  The local currency remained highly volatile last week but managed to end with sharp gains and tested a three-week highThe dollar rose to its highest since February against the yen on Monday as US bond yields climbed on the back of expectations of broadly higher inflation, driven by a 5 per cent rise in global oil prices.
Fundamental News

•    UK Nov CPI rises to the highest since Oct 2014
•    USD/JPY: Bulls in control, testing highs near 115.40
•    Spain 9-Month Letras Auction dipped from previous -0.275% to -0.294%
•    United Kingdom DCLG House Price Index (YoY) below expectations (7.3%) in November: Actual (6.9%)


USDINR opened with positive bias showed correction and able to closed above its support level.Now, if it able to sustain above 67.4000 than some positive movement is expected in it towards next resistance level of 68.0000.



EURINR showed sideways movement for whole session and closed with nominal gain.For upcoming session 72.0000 is act as strong resistance for it if able to break this resistance than correction is expected upto 72.3000. On lower side 71.6000 is support for it.



GBPINR showed positive movement and closed on higher levels.If able to continue this positive movement than immediate resistance is seen around 86.1500 above which more bullish movement is expected. 85.5000 is act as support.



JPYINR opened on lower note and unable to sustained on higher levels.It still looks weak 58.6000 is support below which it may drag towards its next support level of 58.3000. On higher side 59.0000 is act as vital resistance for it.


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