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Market Outlook

The rupee struggled to maintain its earlier red-hot form as it came  close to the 69 mark against the dollar, from the year’s high of 66.25 in September, with over USD 2 billion pullout by FIIs taking a big toll. The dollar inched higher against the yen and a handful of other major currencies on Tuesday. Dollar edged slightly higher against the other major currencies after the long Christmas weekend on Tuesday, holding near the strongest level since December 2002 as the market entered the last trading stretch of the year.

Fundamental News

•    China’s cabinet promotes Yin Yong as PBOC vice governor.
•    USD/CHF attempting a fresh move towards 103.00 mark.
•    Finland Industrial Confidence rose from previous -4 to 1 in December.
•    BOJ’s index shows November consumer prices +0.2% y/y – RTRS

USDINR

USDINR showed strong recovery after the bearish phases and closed on a strong note.On daily chart, it is facing strict resistance near 68.1000 closing above which can further strengthen it whereas 67.7000 will continue to act as important support.

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EURINR

EURINR rallied from bottom levels during the session on Rupee depreciation and closed in green.If it continues to show bullishness then 71.3000 is seen as immediate resistance for the pair 70.7000 will support it from falling.

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GBPINR

GBPINR sustained at higher levels after the strength so shown in the previous session.On daily chart, it closed around the trend line coming from recent highs and positive breakouts can be seen if it sustains above 83.5500.

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JPYINR

JPYINR opened gap down but gained momentum since the beginning and closed above the previous close.
Strength is likely to continue till it sustains above 58.0000 mark and may move further northwards whereas holding below this crucial mark can be a weak sign for it.

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