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Market Outlook

The Rupee gained some strength and was trading nearly 10 paise higher at 67.93 against the US dollar in early trade on Wednesday on some selling pressure in the American currency from domestic companies and banks. Market watchers said sustained capital outflow kept the currency under pressure in Tuesday’s session. The dollar held the upper hand against its major rivals on Wednesday, sitting near a 14-year top against the euro, thanks to bets of higher US growth and a faster pace of interest rate increases under incoming president Donald Trump.

Fundamental News

•    The NZD/USD pair erased early tepid recovery gains and has now drifted into negative territory to the sixth session.
•    China’s yuan weakens slightly, investors lose direction ahead of holidays
•    Riksbank leaves key rate at -0.50%, extends QE over first 6 months of 2017.
•    NZD/USD turns lower for sixth straight sess

USDINR

USDINR traded below the closing of previous close for the entire session and closed in red.On daily chart, 67.7000 is still acting as important support holding below which can increase selling pressure and 68.1000 may resist the pair to move northwards.

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EURINR

EURINR moved in the same tight range as of previous session and closed on a flat note.
It is constantly trading on lower range indicating weakness in the counter where 70.5500 will continue to act as important support whereas 71.1000 as resistance.

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GBPINR

GBPINR extended the bear rally on daily chart and closed in red territory.If it holds below the mark of 84.0000 then it may further dip towards the near support of 83.5000 whereas 84.4000 is seen as immediate resistance for the currency pair.

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JPYINR

JPYINR traded in sideways manner but gained momentum in the later half and closed around the resistance levels.
On daily chart, 58.0000 has been constantly acting as stiff resistance holding above which can result in correction whereas 57.5000 is acting as strong support.

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