Market Outlook

In early trade the Indian rupee appreciated by 7 paise to open at 71.225 but soon capped all the gains and throughout the day hovered in the range of 71.5725 and 71.1150 against the US dollar amidst strengthening of the American currency, rising of crude oil prices and caution ahead of interim budget. Dollar traded mixed against major Asian peers as tentative signs of progress in the U.S.-China trade war were offset by surveys showing more economic weakness in China and other Asian economies.

 

Fundamental News

  • Pound slid as UK manufacturing PMI fell to a three-month low of 52.8 in January.
  • The Chinese yuan and the Aussie dollar slid against the U.S. dollar after a private survey showed Chinese manufacturing activity contracted again.

USDINR showed volatile session and closed around its resistance level. Currency pair found strong resistance around 71.6000 sustaining above this mark it may continue bullish movements.

 

 

EURINR found support on lower levels showed bullish movements closed with gain.If sustaining above its immediate resistance in upcoming session then continue bullish rally towards its next resistance of 82.5000.

GBPINR after correction unable to sustain on higher levels closed around its support. Now, 93.0000 is act as strong support zone for the currency pair if able to hold it then continue positive movements towards 94.0000.

 

JPYINR showed sideways to positive movements closed with partial loss. 66.0000 is act as strong resistance level for the currency pair below this mark it may give correction and drag towards 65.3000.

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