Market Outlook
Extending its fall for the second straight trading session, the Indian rupee opened at 70.3950 and throughout the day hovered in the range of 70.6975 and 70.2025 against the US dollar on account of strong greenback against its major Asian peers and marginal recovery in global equity markets. Additionally, the gain in global crude oil prices is also putting pressure on the domestic currency. The dollar was down while the yen rocketed higher and is poised for its biggest daily rise in 20 months.

Fundamental News

  • European Monetary Union M3 Money Supply (YoY) below expectations 3.8% in November: Actual 3.7%.
  • Spain Unemployment Change dipped from previous -1.8K to -50.6K in December.
  • Slower rise in commercial work weighs on construction growth in UK at the end of 2018.

USDINR after positive opening unable to sustain on higher levels closed with flat note.
More negative movements can be seen in currency pair if sustain below its support zone of 70.2000. On higher levels 70.8000 is strong resistance for it.

EURINR showed bearish movements after negative opening closed on lower note.
Sustaining below psychological level of 80.0000 drag it towards next support zone of 79.7000 below which it may give negative breakout.

GBPINR after negative opening showed sideways to bearish movements closed around its support.
Currency pair continue its bearish rally if able to sustain below immediate support of 88.4000 and find next support around 88.0000.

JPYINR opened with positive bias showed correction closed around its day low.
Now, 65.3000 is seen as vital zone for the particular currency pair more correction is seen in it if able to sustain below this mark.

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