Market Outlook

The Indian rupee apreciated by 23 paise to open at 68.9975 and throughout the day swing around in the range of 69.0500 and 68.5125 driven by weakening greenback in overseas markets and sustained foreign inflows. Besides, narrowing country’s trade deficit and selling of the American currency by exporters supported the domestic currency. On the economic front, India’s trade deficit plunged 22% to 17-month low of $9.60 billion in February 2019 from $12.30 billion in February 2018.

Fundamental News

  • Japan exports fall for third month on waning external demand, raises economic risks.
  • China sets Yuan Reference Rate against the USD at 6.7088, up from Friday’s at 6.7167.
  •  Dollar Weakens While Pound Holds Gains Ahead of New Brexit Vote.

USDINR

USDINR opened with negative bias showed bearish movements closed around its support. Now, 68.5000 is seen as strong support zone for the currency pair sustaining below this mark may result in more bearish movements.

EURINR

EURINR after negative opening found support on lower levels closed around psychological level. If able to sustain above 78.0000 mark in upcoming session give some correction towards its resistance zone of 78.5000. On lower levels 77.8000 is act as support.

GBPINR

GBPINR showed bearish movements gave false breakout on lower levels closed around its resistance. Sustaining above 91.0000 mark may take it towards resistance level of 91.4000 above which it may shows more bullish movements.

JPYINR

JPYINR found strong support on lower levels closed around short term resistance. Currency pair shows some positive movements if able to sustain above its immediate resistance zone of 61.7000 and find next resistance around 62.1000.

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