Market Outlook

The Rupee opened nearly 5 paise down at 68.23 against dollar on account of buying in American currency by bank and importers ahead of a news conference by the US President-elect Donald Trump in which he is expected to spell out more about his plans for the economy. The dollar edged higher against the other majors currencies on Wednesday, as investors awaited a press conference by U.S. President-elect Donald Trump due later in the day. Fed Res raised interest rates in Dec and indicated that it expects to hike rates three more times in 2017.

Fundamental News

•    Greece Consumer Price Index – Harmonized (YoY): 0.3% (December) vs -0.2%.
•    United Kingdom Total Trade Balance down to £-4.167B in November from previous £-1.971B.
•    South Africa Business Confidence Index fell from previous 93.9 to 93.8 in December.


USDINR opened higher and continued the momentum for the session closing on a strong note.On daily chart, it is hovering around the major resistance of 68.5150 holding above which can give positive breakout while 68.3000 is seen as support from current levels.



EURINR did not sustain on higher levels as in previous session rather ended in red zone.
If the pair slips below 72.0000 then the trend can be weaker below 71.8000 whereas 72. 5250 will continue to act as important resistance for it.



GBPINR is able to find support at lower levels as observed on daily chart and closed on a flat note.The currency pair is able to hold above the support of 83.1000 which suggests that it may inch towards the next resistance of 83.6000 whereas 82.7000 is seen as support.



JPYINR traded in the same range as of previous session and closed on a flat note.
The counter is facing strict resistance around 59.0000 mark which hinders it to move on higher levels. Bears may attack if the counter sustains below the support of 58.8000.


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