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Market Outlook

The rupee was trading nearly 9 paise higher at 67.45 against the dollar in early trade on Wednesday amid some selling of the American currency by exporters and corporate houses ahead of the FOMC policy rate decision later in the dayThe US dollar tumbled during the Asian session on Wednesday, losing ground against all G10 currencies, as investors across the globe prepare for the second interest rate hike in the US since the Federal Reserve started its normalization process exactly one year ago.

Fundamental News

•    China Nov new yuan loans 794.6 bln yuan, higher than forecast.
•    Australian Federal Government taskforce to crack down on cash economy, assess future of $100 note.
•    United Kingdom Average Earnings including Bonus (3Mo/Yr) came in at 2.5%, above expectations (2.3%) in October.

USDINR

USDINR unable to sustain on higher side drag towards its support level and closed around it.Now, if it able to break 67.4000 than bearish movement is expected in it and may find next support around 67.1000. On higher side 67.7500 is seen as crucial resistance for it.

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EURINR

EURINR broke its intraday resistance in morning session but unable to sustain and closed with nominal gain.
If it is able to breaks its resistance of 72.1500 than again buying is seen in particular currency towards next resistance near 72.6000. Whereas, 71.7000 act as support for it.

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GBPINR

GBPINR opened with negative bias faced resistance on higher levels and closed on lower note.Currency showed range bound movement from last few sessions, if close above or below this range than further movement is decide the short term trend.

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JPYINR

JPYINR after long bearish rally closed in positive near trend line acting as strong resistance.Now, if it able to sustain on higher levels than more correction is expected in it towards next resistance level i.e. 59.3500. On lower levels 58.6000 act as major support.

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