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Market Outlook

The Rupee opened at 65.10 down by 10 paisa and closed at 65.24 down by 24 paisa form previous close at 65.00 against Dollar on account of decreased demand for the US currency from foreign fund outflows and importers and banks. The Dollar was seen edging higher on Friday but only posted moderate gains as investors brace for the Fed meeting this week. The Federal Reserve has provided some support to the dollar of Expectations for an interest rate hike.

Fundamental News

  • Industrial Output (YoY) of Mexico registered (-0.4%) in December: Actual (-0.9%).
  • Bank of China set the Yuan reference rate at 6.3320 vs. Friday’s fix of 6.3340.
  • Current account deficit of India spread to 2% of GDP (USD13.5bn) in Q4 2017 from 1.1% (USD7.2bn) in Q3.

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USDINR open with positive bias continue bullish movements and closed above its resistance. For upcoming session if sustain above its resistance mark then more bullish rally were expected in it towards 65.5000. On downward side 65.0000 is support for it.



EURINR opened below its support mark but unable to sustain below it and closed with partial loss. Form reversal pattern on daily charts if sustain above 80.2000 than some correction is expected in it otherwise may drag towards next support around 79.7000.



GBPINR unable to sustain on lower after negative opening showed bullish movements and closed with gain. Closing above 91.0000 level suggesting more positive movements in it and may find resistance near 91.8000. On lower levels 90.8000 is act as support.



JPYINR sideways movements throughout the session closed with loss. 61.7000 is still act as strong resistance zone only above this more positive movements were seen in it, whereas 61.3000 is immediate support.


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