Market Outlook

Continuing its upward journey for a third straight day, the rupee opened 3 paise higher at 71.1000 and hovered in the range of 71.2625 and 70.9575 against the US dollar on increased selling of the American currency by exporters and banks. Moreover dollar weakness against major Asian peers and early gains in domestic bourses boosted the rupee sentiments. The pound hit a two-year high against the euro Friday and a three-month high against the dollar on growing confidence that the U.K. can avoid crashing out of the European Union.

Fundamental News

  • Sweden Retail Sales (YoY) dipped from previous 1.1% to -1.1% in December.
  • Austria Industrial Production (YoY) dipped from previous 5% to 1% in November.
  • Singapore IP (YoY) below expectations 4.4% in December: Actual 2.7%.

USDINR

USDINR after correction found support on lower levels closed with partial gain. Currency pair unable to sustain below 71.0000 mark if continue to trades above it then bullish movements can be seen in it towards 71.7000.

EURINR

EURINR showed sideways to bullish movements closed with positive note. 81.0000 is seen as immediate resistance zone for the currency pair above this it may find next resistance near 81.3000.

GBPINR

GBPINR opened with positive bias after correction found support and closed around its resistance. On higher levels 93.5000 is act as resistance zone for the currency pair sustaining above which may lead it towards 93.7000 mark.

JPYINR

JPYINR showed sideways movements throughout the session closed with positive bias. Now, 65.0000 is seen as strong resistance zone for the currency pair breakout above this mark it may shows positive movements towards 65.3000.

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