Forex-Market-Explained

Market Outlook

Dollar closed down by 17 paisa today against the rupee on account of selling of American currency by banks and exporters. The domestic currency unable to sustains on lower level and gained strength. Dollar weakened against most of currency due to fed rate hiked more than 3 times in this year. Foreign Minister Jorge Arreaza of Venezuela said that India can buy its oil by using Indian rupee. And South American country can use this currency for buying Indian foods and medicines.

Fundamental News

  • Investment Lending for Homes of Australia increased in January from previous -2.6% to 1.1% in January.
  • Domestic Corporate Goods Price Index of Japan(YoY) down by 0.01% at 2.5%, from expectations (2.6%) in February.
  • Food Price Index (MoM) of New Zealand decreased from previous 1.2% to -0.5% in February.

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USDINR

USDINR pair broke its psychological support and closed around it. Sustaining below support mark may result in more correction in currency pair towards 64.7000. On higher level 65.1000 is immediate resistance.

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EURINR

EURINR showed sideways to bearish movements closed below its support. Now, 80.0000 is act as strong support level below which bearish movements will take it towards 79.7000 mark. 80.5000 is act as strong resistance.

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GBPINR

GBPINR unable to sustain on higher levels closed around its strong support. For positive movements 90.5000 is act as strong resistance breakout above which may lead it upto next resistance of 91.0000. Downward side 90.0000 is support for it.

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JPYINR

JPYINR showed bearish movement throughout the day closed near to its support. Currency pair looks weak further if able to sustain below 60.5000 and may find next support near 60.2000. On higher levels 61.0000 is act as resistance mark.

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