Market Outlook

The Indian rupee appreciated by 11 paise to open at 70.8900 but capped the gains and traded above 71 per dollar mark against the US dollar amid strengthening green-back, sustained foreign fund outflows and surging crude oil prices.On the other hand, dollar dipped against major Asian peers amid expectations the Federal Reserve will hold off on raising rates this year due to weakness in global growth, while the pound crept higher before Britain’s parliamentary vote on its Brexit deal.

Fundamental News

  • Senior Chinese economic officials say they will slash taxes, keep currency stable to offset slowdown.
  • The first estimate for euro area (EA19) exports of goods to the rest of the world in November 2018 was €203.0 billion, an increase of 1.9% compared with November 2017 (€199.2 bn).

USDINR found support on lower levels showed positive movements closed around its resistance.
Currency pair continue its bullish rally if able to break its immediate resistance of 71.3000 and find next resistance near 71.5000.

EURINR after positive movements found resistance on higher levels closed with partial loss.
81.0000 is still act as strong support zone for the currency pair sustaining above this mark it may continue bullish movements towards 82.0000.

GBPINR found resistance on higher levels showed correction closed with flat note.
Now, more correction can be seen in particular currency pair if able to sustain below its support of 91.3000 below which it may drag towards 91.0000 mark.

JPYINR after negative opening showed sideways to positive movements closed with loss.
65.5000 is seen as immediate support zone for the currency pair breakout below this mark it may drag towards next support zone of 65.0000.

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