Market Outlook

The Indian Rupee aprciated by 18 paise to open at 69.6850 and throughout the day hovered in the range of 70.0850 and 69.3800 against the US dollar, driven by strong gains in domestic equities and weakening of the greenback in overseas markets.On the flip side, extending loss for third consecutive days, dollar slip against major Asian peers on growing bets the U.S. central bank will press the pause button on its rate hike cycle in the coming months while the euro and the Australian dollar led gainers.

Fundamental News

  • Singapore Foreign Reserves (MoM) fell from previous 289.5B to 287.7B in December.
  • European Monetary Union Retail Sales (YoY) down to 1.1% in November from previous 1.7%.
  • The Australian and New Zealand dollars held near 2-1/2 week highs.

USDINR after correction from lower levels found resistance and closed below psychological level.
If able to sustain below 70.0000 mark then continue bearish movements and find support around 69.3000. On higher side 70.3000 is act as strong resistance.

EURINR showed positive movements after negative opening closed with flat note.
Sustaining below psychological level of 80.0000 it may shows bearish movements and drag towards support zone of 79.5000.

GBPINR after positive movements found resistance and closed around its strong support.
Currecny pair continue its bullish movements if able to sustain above its support of 88.7000 and find resistance around 89.5000.

JPYINR found resistance on higher levels closed with negative note.
Now, 65.0000 is seen as strong resistance zone for the currency pair below this mark it may continue bearish movements towards 64.0000.

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