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Market Outlook

The Rupee opened nearly 8 paise down at 68.16 against the US dollar buying of the American currency by banks and importers. The greenback got a slight boost after the US Federal Chair Janet Yellen said the economy was doing well and faced no serious obstacles.
The dollar last stood at 115.04 yen, up about 0.3 per cent from late US levels after having tumbled to a five-week low of yen on Thursday in wake of disappointment at President-elect Donald Trump’s failure to elaborate on fiscal stimulus plans during a news conference a day.

Fundamental News

•    Czech Republic Current Account (MoM): 4.57B (November) vs previous 16.99B.
•    Spain HICP (YoY) meets forecasts (1.4%) in December.
•    Spain Consumer Price Index (YoY): 1.6% (December) vs 0.7%.
•    Hungary Consumer Price Index (YoY) increased to 1.8% in December from previous 1.1%.

USDINR

USDINR opened above the previous close and sustained above it for the entire session.
If it tends to rise again then 68.5150 will act as major resistance for the pair while 68.0000 may continue to act as strong support.

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EURINR

EURINR again rose and headed towards the higher resistance levels on daily chart.Now, the crucial and psychological resistance so seen is of 73.0000 and immediate support so seen is of 72.4000 sustaining below which can drag it to lower levels.

2

GBPINR

GBPINR opened gap down but thereafter gained momentum for the rest of the session.The overall trend for the pair is weak and 83.0000 is acting as good support for the counter while strength can be seen above the resistance range of 83.9000-84.0000.

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JPYINR

JPYINR was unable to hold above the previous high and closed below it.Overall, the counter is facing strong resistance near 60.0000 and it needs a closing above it to gain strength again whereas 59.3000-59.0000 is seen as support range.

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