Market Outlook

The rupee was trading weak at 64.40 against the dollar ahead of key macroeconomic data set for release later in the day amid foreign capital outflows.
The dollar was flat on Tuesday after strong recent gains as the US Federal Reserve geared up for a two-day policy meeting at which it is widely expected to raise interest rates for the fifth time since late 2015.

Fundamental News

•    South Africa Manufacturing Production Index (YoY) above forecasts (0.75%) in October: Actual (2.2%).
•    United States NFIB Business Optimism Index above forecasts (104.6) in November: Actual (107.5).
•    Germany ZEW Survey – Economic Sentiment below expectations (18) in December: Actual (17.4).


USDINR showed positive movements unable to sustain on higher levels closed with flat note.Now, if it breaks support of 64.4000 than bears may actice and take it towards next support zone. On higher levels 65.5000 is act as resistance.



EURINR opened with negative bias showed correction but again drags down and closed with loss.As currency pair found strong resistance on upper side expected to give negative movements in upcoming sessions. 75.8500 is strong support for it.



GBPINR continue its negative movements closed around its support zone.On lower side it has strong support of 85.7500 if able to break it than currency will shows more negative movements. 86.8000 will act as resistance.



JPYINR showed sideways to positive movements and closed with partial gain.Currency pair found resistance of psychological level i.e. 57.0000 now, if able to sustain above it than more correction were expected in it. 56.7000 is immediate support for it.


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