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Market Outlook

The rupee opened nearly 3 paise higher at 68.20 against the dollar amid selling of the American currency by banks and exporters. Dollar slumped in light pre-New Year holiday trade, slipping from its 14-year-high against a basket of currencies.
The greenback slumped after data from the National Association of Realtors’ showed U.S. pending home sales dropped to the lowest level in almost a year in November, a sign the property market could be losing steam.

Fundamental News

•    China slashes first round of oil products export quotas – RTRS.
•    BOJ’s Kuroda: Japanese economy moving in a positive and more desirable direction.
•    European Monetary Union Private loans (YoY) meets expectations (1.9%) in November.
•    Turkey Foreign Arrivals: -21.35% (November) vs -25.8%.

USDINR

USDINR was unable to continue the bull move of previous session and closed in red territory.If it falls below 68.2000 then it may again dip towards the immediate support of 68.0000 whereas 68.5000 is marked as stiff resistance for the currency pair.

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EURINR

EURINR moved in a tight range for the entire session and closed on a flat note.On moving northwards, the counter will find 71.9000-72.0000 as resistance range. However, 71.2500 is seen as immediate support for the counter.

2

GBPINR

GBPINR moved in specific range for whole session and closed above the previous close.Any closing below 83.7000 can further weaken the pair and may drag towards the support range of 83.4000-83.2000. Strength can be seen if it sustains above 84.0000 mark.

3

JPYINR

JPYINR carried the rally since last three sessions and closed on a strong note.Now, the next psychological mark so seen ahead is 59.0000 sustaining above which can lead it to stronger side whereas 58.0000 may act as major support.

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