Market Outlook

The Indian rupee depreciated by 8 paise to open at 71.0400 and throughout the day hovered in the range of 71.2700 and 70.8200 against the US dollar on increased demand for the greenback from importers and banks amid rising global crude prices. Moreover, lower opening in domestic bourses also weighed on the rupee. Dollar remained steady against major Asian peers while the euro and the British pound fell to multi-week lows against the firmer U.S. dollar on Thursday as weak economic data out of the euro zone and concerns over Brexit weighed.

Fundamental News

  • GDP up by 0.2% and employment up by 0.3% in the euro area.
  • Japan’s economy bounced back in the fourth quarter as business and consumer spending recovered from the impact of natural disasters but trade war hangs over 2019.
  • German prelim GDP arrives at 0.0% in Q4 vs +0.1% expected.

USDINR opened with partial gain showed positive movements closed around its day high.
Breakout of immediate resistance may take it towards next resistance level of 71.5000. On downward side it has strong support of 71.0000.

EURINR after negative opening found support and showed correction closed with flat note.
Sustains above resistance of 80.6000 give strength to particular currency pair and find next resistance around 80.8000.

GBPINR after correction found support and closed around its resistance level.
If continue to trades above its resistance level in upcoming session then shows bullish movements towards resistance zone of 92.0000.

JPYINR opened with negative bias found support and showed correction closed with partial gain.
64.5000 is still act as strong resistance zone for it breakout above this mark may result in positive movements towards 64.8000.

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