Market Outlook

The Indian rupee slipped in the opening trade on Thursday. It has opened lower by 23 paise at 64.54 per dollar versus 64.31 yesterday.
Mohan Shenoi of Kotak Mahindra Bank said, “Strong US data, progress in US tax reform bill and Powell’s statements indicate December US Fed rate hike is on track. US Dollar has rallied and stabilised against most majors except pound which rallied on progress of Brexit talks.”

Fundamental News

•    Italy Producer Price Index (YoY) increased to 2% in October from previous 1.8%.
•    Brazil Unemployment Rate in line with expectations (12.2%) in October.
•    European Monetary Union Consumer Price Index (YoY) came in at 1.5%, below expectations (1.6%) in November.


USDINR pair showed recovery from its lower level and closed the session with gain.It has 64.8000 as a major resistance level above this it can move towards next resistance level. 64.3000 is crucial support zone.



EURINR pair opened with gap up but unable to hold its higher level and came down, settled the session with loss.
Now, 76.4000 is an important support level below this it can pull down towards next support level of 76.0000, on upper side 77.0000 acts as psychological resistance level.



GBPINR pair has given gap up opening and managed its upper level, closed the day with positive note.It has 87.2000 as an immediate resistance level above this it may continue its northward journey, 86.6000 is act as support level.



JPYINR pair continuously showed negative movements, closed the session with bearish note. If it able to break its major support of 57.5000 then more correction is expected in it. 58.0000 is important resistance level.


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