Market Outlook

The Indian rupee opened flat at 71.3200 and throughout the day traded in the range of 71.5950 and 71.3200 against the US dollar amid heavy foreign fund outflows and subdued domestic equity markets. On the other hand, dollar has retreated slightly over the weekend amid hopes that the U.S. and China will find a way to de-escalate their trade war. Basically such hopes were the main driver of a rally in Asian stock markets overnight while mainland Chinese stocks gained even more.

Fundamental News

  • South Korea Trade Balance rose from previous $1.34B to $2.41B in January.
  • The Chinese Yuan gained against the U.S. dollar while the greenback traded slightly lower on Monday in Asia, as the prospects of a Sino-U.S. trade deal improved investors’ appetite for riskier assets.

USDINR after positive opening found resistance on higher levels closed with gain.
If able to break its immediate resistance of 71.6000 it may continue bullish movements towards next resistance zone of 71.8000.

EURINR after positive opening showed sideways movements closed around its resistance.
Psychological level of 81.0000 is act as crucial zone for the currency pair sustaining above it may result in more positive movements.

GBPINR showed sideways movements throughout the session closed with positive bias.
92.2000 is act as strong support for the currency pair above this mark it may shows bullish rally towards resistance level of 93.0000.

JPYINR found resistance on higher levels showed correction closed around its day low.
Currency pair shows correction in upcoming session if able to sustain below its support zone of 64.5000. On higher levels 64.9000 is act as resistance for it.

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