Market Outlook

The Indian rupee and bond prices on Wednesday advanced after the Reserve Bank of India (RBI) kept its interest rates unchanged, while maintaining a neutral monetary policy stance. The rupee was trading at 64.14, up 0.16% from its previous close of 64.25. It opened at 64.11 a dollar and touched a high and a low of 64.04 and 64.19, respectively. The US dollar ended weaker against the euro but is firmer against the yen on back of some safe-haven buying.

Fundamental News

  • Singapore Foreign Reserves (MoM) increased to 282.4B in January from previous 279.9B.
  • India RBI Interest Rate Decision (Repo Rate) meets expectations (6%) in February 7.
  • Switzerland Foreign Currency Reserves fell from previous 744B to 731B in December.

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USDINR

USDINR pair has given recovery for its lower level and closed near to its day high. This pair has major resistance of 64.6000 if it manages to hold above this mark then it can go towards next resistance level of 64.8000, whereas 64.1000 is support level.

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EURINR

EURINR pair opened with negative bias and witnessed selling pressure through out the day, closed with loss. It has support of 79.4000 below this it can follow its downside movement; on upward side it has psychological resistance of 80.0000.

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GBPINR

GBPINR pair has given support level breakout and closed the session with negative note. For upcoming session if it manages to sustain below its support level of 89.3000 then it can continue its downside movement, on higher side 90.0000 is resistance level.

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JPYINR

JPYINR pair recovered from its lower level and closed the day with flat note. Now, it has immediate resistance of 59.3000 above this mark it may continue its upside movement, whereas 58.7000 is crucial support lev

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