Market Outlook

The Indian rupee strengthened for a third session and closed at a five-month high against the US dollar on the first day of 2018 year on Monday. The home currency ended at 63.68 a dollar—a level last seen on 8 August, up 0.33% from its Friday’s close of 63.87.The rupee opened at 63.86 a dollar and touched a high of 63.63.In the year 2017, the rupee gained 6.35% and Sensex rose 28%, while foreign institutional investors have bought $7.73 billion and $23.27 billion in equity and debt, respectively.

Fundamental News: – upcoming

•    Spain markit manufacturing PMI with previous 56.1 and forecasts is 56.0 in Dec.
•    Markit Manufacturing PMI of United Kingdom in with previous 58.2 and forecasts is 58.0 in Dec.
•    Markit Manufacturing PMI of United States with previous 55.0 and forecasts is 55.0.





USDINR pair has witnessed the steep fall throughout the day and closed the session near to its days low.
It has immediate support level of 63.7000 if it sustain below this mark then more selling can be continue, on higher side 64.1000 is resistance level.




EURINR pair came down due to profit booking and closed the session with loss.
Now, 77.0000 is psychological resistance level if it manages to hold above this mark then it can go towards next resistance of 77.3000 whereas 76.3000 is support level.



GBPINR pair was unable to hold its higher level and came down, settled the session with flat note.
For upcoming session if it manages above 86.7000 then upside breakout may be seen. On downward side it has important support of 86.2000 below this selling can be seen.




JPYINR pair opened with positive not but unable to manage upper level and drag down, closed with negative note.
This pair has crucial support zone of 56.8000 below this more selling may be witness. On upper side 57.2000 act as an important resistance mark.



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