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Market Outlook

The Rupee opened nearly 10 paise higher at 68.11 on Tuesday on account of selling of American currency by bank and exporters. The US dollar racked up its biggest rise in two weeks in 2017’s first full day of European trading on Tuesday, as dealers and investors in London returned to push the greenback to within 1 per cent of December’s long-term highs. The yuan fell almost 7 per cent against the surging dollar in 2016 to near 8-1/2 year lows, and roughly 6 per cent against the basket.

Fundamental News

•    UK Dec manufacturing PMI surprises positively, hits 30-month highs.
•    United Kingdom Markit Manufacturing PMI above expectations (53) in December: Actual (56.1).
•    Germany Unemployment Change below forecasts (-5K) in December: Actual (-17K).

USDINR

USDINR opened on a lower note but gained momentum in the later half to close on a strong note.The currency pair climbed above the resistance level of 68.4500 and holding above it can lead towards the next resistance of 69.0000. Immediate support is 68.2500.

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EURINR

EURINR started the session with negative sentiments and closed with loss of approx 0.70%.It surpassed the important support level of 71.4300 and closed below it. It indicates that bears may continue till it sustains below the mentioned level.

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GBPINR

GBPINR found support during the session and inched towards the immediate resistance on daily chart.Now, if it surpasses the resistance of 84.3000 then some up move is expected in the counter whereas 83.7000 will continue to act as major support.

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JPYINR

JPYINR opened with weak sentiments and continued the bear trend throughout the session.On daily chart, if it sustains below 58.0000 mark then it may drag towards the next near support of 57.7000 whereas 58.2000-58.5000 may act as resistance range.

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