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Market Outlook

Extending its winning streak for the fifth straight session, the rupee hit its three-week high in early trade on Tuesday ahead of the Economic Survey and Union Budget. The currency opened nearly 11 paise higher at 67.84 against dollar on sustained selling of American currency by banks and exporters.

The dollar struggled to regain its poise on Wednesday after the Trump administration accused Germany, Japan and China of devaluing their currencies to gain a trade advantage, adding to a risk-off mood that also kept stocks subdued.

Fundamental News

•    United Kingdom Markit Manufacturing PMI meets expectations (55.9) in January.
•    Greece Markit Manufacturing PMI fell from previous 49.3 to 46.6 in January.
•    European Monetary Union Markit Manufacturing PMI came in at 55.2, above expectations (55.1) in January.

USDINR

USDINR broke the important support level as observed on daily chart and closed on weak note.
Selling pressure is expected to continue till it holds below the mark of 68.0000 and may further slip towards the next major support of 67.4000.

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EURINR

EURINR extended the bulls so shown on support levels on daily chart and closed the session in green territory.
Now, strength may continue till it sustains above 73.0000 and may head towards 73.5000 whereas 72.8000 will continue to act as strong support.

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GBPINR

GBPINR gained momentum after three days successive fall and closed on higher levels.The currency pair took strong support around 84.5000 and now the strict resistance so seen ahead is 86.2000 as per daily chart.

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JPYINR

JPYINR opened higher but could not sustain on highs and gradually slipped towards lows during the session.
It has been moving in a particular range since last few sessions where 60.1500 is seen as important resistance whereas 59.3800 as good support for the pair.

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