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Market Outlook

The Indian Rupee on Monday advanced on the account of interbank sustained selling of the greenback by exporters and bankers. The rupee opened at 65.2875 touched a high of 65.1000 and close at 65.1300 up by 17 paisa per Dollar versus 65.2975 on Friday. The dollar closed 16-month low against the Yen as investors remained wary about the greenback’s outlook. In dollar it is probably biggest weekly drop in a month against basket of currencies.

Fundamental News

  • BBA Mortgage Approvals of United Kingdom came in at 38.12K below forecasts (39.2K) in February.
  • Trade Balance of Italy non-EU increased to €1.99B in February from previous €-0.52B.
  • GDP (QoQ) of France above expectations (0.7%) in 4Q.
  • The Gross Domestic Product s.a (QoQ) Netherlands registered at 0.8% (4Q).

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USDINR

USDINR opened with negative bias and continue negative movements closed in red. Sustain around its support zone also form consolidation expected to give negative breakout and continue bearish movement. 65.3000 is act as resistance level.

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EURINR

EURINR opened the session with partial gain showed positive movements throughout the session. Closed around its psychological level of 81.0000 if maintain above this then more poisitve rally expected in it, whereas 80.8000 is support for it.

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GBPINR

GBPINR after correction unable to sustain on lower levels showed positive movements closed around its day high. Now, 92.8000 is immediate resistance for it if give breakout in upcoming session then it may find next resistance around 93.2000. On downward side 92.3000 is support mark.

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JPYINR

JPYINR showed sideways to negative movements and closed with loss. Found support around 62.0000 and consolidates around it, if sustain below this level then next support is seen near 61.7000. Correction is expected above 62.3000 levels.

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