Market Outlook

The Indian rupee was trading little changed against US dollar on Tuesday in a thinly traded market as many dealers were on leave for the year end.At 2pm, the home currency was trading at 64.07 a dollar, down 0.03% from its Friday’s close of 64.05. On Monday, markets were closed due to Christmas.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.258, down 0.01%, from its previous close of 93.267.

Fundamental News

•    Japan Corporate Service Price (YoY) meets forecasts (0.8%) in October.
•    United States Baker Hughes US Oil Rig Count remains unchanged at 747.
•    Mexico Jobless Rate s.a above expectations (3.38%) in November: Actual (3.5%).


USDINR pair has given recovery from its lower level and closed the session near to its days high. It has important resistance level of 64.5000 if it hold above this mark then correction can be seen where as 64.2000 is crucial support level below  this  it can continue down trend.



EURINR pair started the day with positive note but in second half it came down, settled the day with some gain. It has  important resistance level of 76.7000 if it manages above this mark then  upside movement can seen towards next resistance of 76.9000. 76.3000 is crucial support.



GBPINR pair was not able to manage its higher level and came down, closed with negative note.
Now, it has important support level of 85.9000 below this its price may drag towards next support of 85.5000. On higher side it has 86.3000 as resistance level.



JPYINR pair has given bounce back from its support level and closed with flat note.
For upcoming session if it manages to hold above 57.1000 then more upside movement may be witness. On southern side it has 56.8000 as crucial support zone.


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