Market Outlook

The Indian Rupee weaken by 9 paise to open at 69.9100 , and further extending loses it was traded in the range of 70.3900 and 69.9100 against the dollar on rising crude prices and some demand for the American currency from importers.The rupee weakened even after the Central Statistics Office (CSO) released positive advanced estimates of national income for 2018-19. On the flip side, The U.S. dollar recovered some of its prior losses on Tuesday as U.S. and China wrap up a two-day trade meeting.

Fundamental News

  • A weak economy has helped push Chinese bond yields to a two-year low
  • Swiss retail trade turnover fell by 0.2% in nominal terms in November 2018 compared with the previous year.
  • WTI jumps over 1% to regain $49, American Petroleum Institute’s (API) crude stockpiles data in focus.

USDINR after positive opening showed sideways to bullish movements closed with gain.
Now, 70.6000 is seen as immediate resistance zone for the currency pair above which it may continue positive movements.

EURINR showed bullish movements throughout the session closed with positive note.
81.0000 is seen as strong resistance for the currency pair sustaining above this mark it may shows more positive movements.

GBPINR showed sideways movments after positive opening closed with positive bias.
Psychological level of 90.0000 is act as strong resistance zone for the currency pair opening above this may lead it towards next resistance level of 90.3000.

JPYINR showed positive movements in last trading hours closed around its resistance level.
Currency pair continue its bullish movements if able to sustain above its immediate resistance of 65.0000. On lower levels 64.2000 is act as support for it.

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