Market Outlook

The Indian rupee gained in the early trade on Monday. It has opened higher by 12 paise at 63.49 per dollar versus 63.61 Friday. “Rupee will remain under pressure”. A technical pullback started from 63.30, may get extended till 64.00.” “Trading range for the spot USD-INR pair will be 63.50-64.00”. Dollar index hits fresh 3-year low as the euro and pound built further on gains from late last week that were spurred by political developments in Europe.

Fundamental News

  • European Monetary Union Trade Balance s.a. registered at €22.5B above expectations (€22.4B) in November.
  • India WPI Inflation came in at 3.58% below forecasts (4%) in December.
  • Turkey 3mth quarterly jobless average declined to 10.3% in October from previous 10.6%.



USDINR pair started the day with gap down but in second half some correction was seen, closed the day with loss. Now, 63.3000 is acting as a crucial support level below this it can continue its southward journey where as 63.8000 is resistance level.



EURINR pair has continued its upward journey and settled the day with good gain. For upcoming session if it manages to hold above 78.3000 then it can go towards next resistance level. On downward side it has crucial support level of 77.3000.



GBPINR pair started with gap up and gave upside breakout, closed the session with bullish note. It has major resistance of 88.0000 above this it can move towards next resistance of 88.5000, on downward side 87.0000 is crucial support level.



JPYINR pair opened with positive bias and holds its higher level, settled the day with flat note. This pair has immediate resistance of 57.7000 above this breakout can be witness. On downward side it has support of 57.0000.


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