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Market Outlook

The Rupee opened nearly 15 paise higher at 67.04 against the dollar on today amid fresh selling of American currency by banks and exporters. In week which has seen the U.S dollar find a firmer footing, the greenback was down a tad as lingering risk aversion pinned U.S. bond yields near multi-week lows.The New Zealand dollar was by far the biggest faller among major currencies , down around 1% point after its central bank kept rates on hold and said any tightening might be at least two years away.

Fundamental News

•    Greece Industrial Production (YoY): 2.2% (December) vs previous 2.3%.
•    Germany Current Account n.s.a. down to €24B in December from previous €24.6B.
•    Netherlands, The Manufacturing Output (MoM) remains at 1.4% in December.

USDINR

USDINR showed sharp downfall surpassing the major support levels on daily chart and closed the session in red.
The currency pair closed below 67.0000 mark after several weeks and now near term support so seen is of 67.7500 whereas 67.1000 is seen as immediate resistance.

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EURINR

EURINR extended the bears which it is following since last few sessions.Continuous weakness in EUR made the pair to sustain below 72.0000 mark and now it may test the deeper support level of 71.2000.

2

GBPINR

GBPINR opened the session on lower note and sustained for first half of the session while gained momentum in the later half to settle on a flat note.On higher side, 84.5000 will continue to act as important resistance while 82.9000 as immediate support.

3

JPYINR

JPYINR on daily chart breached the trend line acting as support and closed below it.If the bears further attack the currency pair then it may find the immediate support around 59.4000 whereas stiff resistance can be seen near 60.0000.

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