Market Outlook
Against US dollar, the Indian rupee weaken by 8 paise to open at 69.8000 and throughout the day hovered in the range of 70.4350 and 69.7300 amid strengthening of the American currency and lower opening in domestic equities but to some extent lower crude oil prices capped the losses. Dollar remained steady against major Asian peers while Yen rose as a cautious mood prevailed on the first trading day of the year on concerns over global growth and the U.S. government shutdown.

Fundamental News

  • UK manufacturing PMI hits 6-month highs at 54.2 in Dec, above expectations 52.5.
  • Indonesia Inflation (YoY) declined to 3.13% in December from previous 3.23%.
  • Singapore Gross Domestic Product (QoQ) dipped from previous 3% to 1.6% in 4Q.

USDINR opened with partial gain showed positive movements closed around its day high.
Currency pair continues its bullish movements if able to sustain above its immediate resistance level of 70.6000. On lower levels 70.0000 is act as support.

EURINR after negative opening showed bullish movements closed around its resistance.
Now, 81.0000 is seen as strong resistance zone for the currency pair above which it is more bullish. 80.3000 is act as strong support for it.

GBPINR showed positive movements unable to sustain on higher levels closed with flat note.
Correction can be seen in particular currency pair towards 89.0000 level if unable to sustain on higher levels. 89.8000 is seen as strong resistance.

JPYINR showed bullish movements after positive opening closed with gain.
64.8000 is act as strong resistance zone for the currency pair if sustain above it then continue bullish rally otherwise shows correction towards 64.2000 mark.

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