Market Outlook

The Indian Rupee appreciated by 16 paise to open at 70.3775 and throughout the day swing in the range of 70.3775 and 70.0850 against the US dollar aided by foreign fund inflows amid a weak dollar globally and sharp fall in crude oil prices. Moreover, today domestic market also opened with gains up to 1% which bolstered the local currency. Against, major Asian peers, US dollar slipped as market participants turned their focus to safe-haven currencies amid renewed worries over US-China trade tensions and global economic growth.

Fundamental News

  • Spain Current Account Balance fell from previous €0.9B to €0.3B in October.
  • Japan Unemployment Rate above forecasts (2.4%) in November: Actual (2.5%) .
  • India FX Reserves, USD climbed from previous $393.12B to $393.29B in December 21.

USDINR open with negative bias showed sideways to negative movements closed with loss.
Sustaining above 70.0000 mark is still give strength to particular currency pair if able to maintain this level shows positive movements towards 70.7000.

EURINR open with partial gain after correction found support on lower levels closed around its day high.
81.0000 is seen as immediate resistance level for the currency pair if gives breakout then next resistance is 81.2000.

GBPINR after negative opening found strong support showed positive movements closed around its resistance.
Currency pair continues its bullish movements if able to sustain above its immediate resistance zone of 89.3000 above which it may find next resistance near 89.8000.

JPYINR found support on lower levels showed bullish movements closed around its strong resistance.
Now, opening above its resistance zone it may give positive movements towards next resistance level of 64.2000. On downward side 63.5000 is act as support.

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