Market Outlook

The rupee slumped to 63.74 on bouts of dollar demand from importers. However, a firm domestic equity market restricted the rupee’s losses. It hovered in a range of 63.74 and 63.42 before quoting at 63.71, down 20 paise at 4.50 pm local time. The dollar weakened against the Japanese yen after the Bank of Japan trimmed its purchases of long-dated government bonds in market operations, stoking speculation the central bank could start to wind down its huge stimulus policy this year.

Fundamental News

•    United States NFIB Business Optimism Index registered at 104.9, below  expectations (108.4) in December.
•    European Monetary Union Unemployment Rate meets forecasts (8.7%) in November.
•    Greece Industrial Production (YoY) up to 0.8% in November from previous 0.5%.

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USDINR

USDINR pair has given short covering from its lower level and closed the session with good gain. Now, 64.0000 act as psychological resistance level above this it can go towards 64.2000. On downward side it has crucial support of 63.5000.

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EURINR

EURINR pair started the day with gap down and moving under tight range, closed the day with loss. This pair has crucial support level of 76.0000 if it sustain below this level then more down side movement can be seen where as 76.5000 is important resistance level.

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GBPINR

GBPINR pair has given bounce back from its support level and closed the day with positive note. It has major resistance level of 86.7000 if it manages to hold above this mark then good upside breakout can be expected. 86.0000 act as a crucial support level.

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JPYINR

JPYINR pair opened with gap up and managed its strength throughout the day, closed the session near to its days high. For upcoming session if it manages to hold above 56.9000 then more positive movement may seen, on downward side it has support of 56.3000.

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