Market Outlook

Against the US dollar, the Indian rupee strengthens by 4 paise to open at 71.3375 on increased selling of the American currency by exporters and banks. Moreover, dollar weakness against its major Asian peers amid fears of a slowing global economy and US government’s record-long shutdown and early gains in domestic equity markets bolstered the sentiment of rupee. Investors expected the European Central Bank to remain dovish at its policy meeting later in the day and to keep monetary policy accommodative for an extended period of time.

Fundamental News
  • At 47.9 in January, the IHS Markit Flash France Composite Output Index fell from 48.7 in December, and pointed to the quickest contraction in French private sector output for over four years.
  • Investors turned bullish on China’s yuan for the first time in nearly eight month, after Sino-U.S. trade tensions took a turn for the worse last year.

USDINR opened with negative bias showed bearish movements closed with loss.
Now, 71.0000 is seen as immediate support zone for the currency pair sustaining below this mark it may shows more bearish movements.

EURINR found resistance on higher levels showed negative movements closed around its support.
If sustain below 80.4000 in upcoming session then it may continue bearish rally towards its strong support zone of 80.0000.

GBPINR after positive opening found resistance and closed around its day low.
Currency pair unable to sustain above 93.0000 level which indicates more selling pressure in particular currency pair towards its support of 92.0000.

JPYINR opened with partial loss showed negative movements closed with negative bias.
Now, 65.0000 is act as strong resistance zone for the currency pair below this it may continue bearish movements towards 64.3000 mark.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *