Market Outlook

The rupee was trading nearly 11 paise higher at 63.67 against dollar in early trade on Wednesday, on rising global profile of India at the WEF in Davos. It also took support from fresh selling of the American currency by banks and exporters. The dollar weakness since the start of the year has caught some off guard‚ coming in the face of upbeat indicators that back the case for more interest rate increases.

Fundamental News

  • United Kingdom ILO Unemployment Rate (3M) in line with forecasts (4.3%) in November.
  • European Monetary Union Markit Manufacturing PMI below forecasts (60.3) in January: Actual (59.6).
  • Germany Markit Manufacturing PMI registered at 61.2, below expectations (63) in January.

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USDINR

USDINR pair opened with gap down and continued its downward journey, closed the day with loss. For upcoming session if it sustain below its crucial support level of 63.5000 then more downside movement can be seen, whereas 64.0000 is major resistance.

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EURINR

EURINR pair has given resistance breakout and hold its higher level, settled with good gain. Now , 78.7000 is acting as a major resistance level above this it can move towards next resistance level of 79.0000. On downward side 78.0000 is crucial support level.

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GBPINR

GBPINR pair has given upside movement and closed the session with good gain. It has major resistance of 90.0000 above this it can move towards next resistance of 90.2000. On downward side it has major support of 89.2000.

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JPYINR

JPYINR pair has continued its northward journey and closed near to its days high. This pair has immediate resistance of 58.3000 above this it can go towards next resistance level of 58.4000, on southern side 57.9000 is support level.

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