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Market Outlook

The rupee opened 1paise higher at 68.09 against dollar on Tuesday on account of mild selling of American currency by banks and exporters.
The dollar skidded on Thursday, moving back toward one-month lows against the perceived safe-haven yen, after President-elect Donald Trump’s highly-awaited news conference failed to offer details on his promises to boost fiscal spending and cut taxes. Trump did not elaborate on his planned growth policies, and instead took aim at targets that included pharmaceutical companies and US intelligence agencies.

Fundamental News

•    European Monetary Union ZEW Survey – Economic Sentiment below expectations (24.2) in January: Actual (23.2).
•    United Kingdom Producer Price Index – Output (YoY) n.s.a below expectations (3%) in December: Actual (2.7%).
•    Germany ZEW Survey – Economic Sentiment came in at 16.6 below forecasts (18.3) in January.

USDINR

USDINR opened with negative bias showed correction but unable to sustain on higher levels closed on lower note.
Found support for the session around psychological level of 68.0000, more correction is expected towards 67.8000 if sustain below this support.

1

EURINR

EURINR opened with partial gain, continue positive movement and closed around its intraday resistance.
Now, if it able to sustain above 72.6000 than next resistance is seen around 73.0000. On lower side 72.4000 is act as support for it.

2

GBPINR

GBPINR showed bullish movement for whole session and closed on higher levels.
Immediate resistance for the currency is seen around 83.0000 above which more correction is expected up to 83.4000. It may find support around 82.4000.

3

JPYINR

JPYINR able to sustains above its resistance level and closed above it.
If continue the correction phase than it may find resistance around 60.6000. Psychological level of 60.0000 is act as immediate support for it.

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