Currency Tips

Market Outlook

India’s rupee will reverse recent gains and sink to a record low in the coming year on expectations for a rise in the dollar even though US President Donald Trump has made clear his dislike of a strong currency, a Reuters poll found.
The cost of insuring against volatility in the euro versus the dollar over the next three months rose to its highest in over a week on Tuesday as contracts took in the date of the final round of France’s presidential elections.

Fundamental News

•    PBOC: China FX reserves fall under USD 3 trillion for first time since Feb 2011.
•    German Manufacturing in December 2016: New orders +5.2% seasonally adjusted on the previous month.
•    Australia job adverts bounce back in January: ANZ.

USDINR

USDINR put a break on the bear rally on back of correction so shown by the pair on higher side.
Now, further moving northwards it may find immediate resistance around 67.7000. On lower side, 67.3000 may continue to act as support.

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EURINR

EURINR opened gap down and bear sentiments dragged the pair towards deeper support levels.
Now, the crucial level so seen is 72.0000 sustaining below which can drop it to lower levels. On higher side, 72.4000 is seen as important resistance.

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GBPINR

GBPINR could not sustain at higher side and sharp downfall dragged it below the major support on daily chart.
Weakness may continue in the currency pair till it holds below 83.7000 and next support so seen is 82.9000. On higher side, 84.2000-84.5000 is resistance range.

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JPYINR

JPYINR opened higher than the previous close and sustained at such levels.
Closing above the mark of 60.0000 indicates that it may extend the gains towards the immediate resistance of 60.6000 whereas 59.6500 will continue to act as support.

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