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Market Outlook

The Indian rupee fell to a one-week low on Thursday, while bonds also slumped after the U.S Federal Reserve signalled a faster-than-expected pace of tightening next year, raising concerns about outflows from emerging markets. Market sentiments dampened after the US Fed hiked key interest rates by 25 basis points for the first time in a decade.The dollar hit its 14-year high on Thursday against a basket of major currencies after the Fed boosted the number of expected interest rate hikes for the next calendar year.

Fundamental News

•    Dollar surges to 14-year high after Fed flags more rate hikes.
•    China’s yuan falls to over 8-year low on dollar strength.
•    Germany Markit Services PMI below forecasts (54.9) in November: Actual (53.8).
•    GBP/USD bounces off two-week lows after UK retails sales.
•    WTI stabilizes amid hopes of a tighter market in 2017.

USDINR

USDINR opened with positive bias after Fed increase rate from 0.25 and closed on higher note.Now, if it continue this positive movement than 68.1000 is seen as immediate resistance on other hand if correction occurs than 67.6000 is act as support for it.

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EURINR

EURINR opened with negative bias and closed on lower note broke support on daily charts.
If it continues this negative movement than 70.6000 is seen as support below which more bearish movement expected. On higher side 71.5000 is act as resistance.

2

GBPINR

GBPINR opened gap down and showed sideways movement for whole session and closed around its support.Now, if it able to breaks this support on daily charts than bears may active and drag it towards next support level of 84.7000.  Whereas, 85.3500 is act as resistance for it.

3

JPYINR

JPYINR unable to sustain on higher levels opened negative and broke support on daily charts.
Currency trades in downward trend and still looks weak, may show more negative movement and find next support around 57.0000. On higher side 57.7000 is act as resistance.

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