Market Outlook

The rupee on Thursday opened 9 paise higher at 64.35 against dollar after the US Fed’s decision on rate hike. Local curreny on Wednesday closed 4 paise down at 64.44 against the American currency.
The dollar held at more than one-week lows on Thursday after the US central bank kept its economic forecasts unchanged with investors expecting more losses if the European Central Bank outlines a more optimistic outlook on the economy.

Fundamental News

•    United Kingdom BoE Interest Rate Decision meets forecasts (0.5%).
•    Ireland Consumer Price Index (YoY): 0.5% (November) vs previous 0.6%.
•    Greece Unemployment Rate (QoQ): 20.2% (3Q) vs previous 21.1%.


USDINR open gap down unable to sustain on lower levels showed some recovery, closed near to its days high.Now, 64.6000 is act as resistance level if it manages above it then short covering may be expected. 64.2000 is support zone.



EURINR pair started the day with gap up opening and holds its higher level, settled the day with good gain.It has immediate resistance level of 76.5000 above this it can move towards next resistance of 77.0000. 76.0000 is crucial support level.



GBPINR pair has continued its northward journey and closed the day with positive note. This pair has 87.0000 as a psychological resistance level above this it may give upside movement.  On down side 86.2000 is crucial support level.



JPYINR opened gap up sustain on higher level, closed with positive note.It has resistance of 57.4000 above this it may show some positive movements towards next resistance level. 57.0000 is crucial support zone.


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