Market Outlook

The rupee turned weaker by 7 paise at 63.67 against the US dollar at the start of Wednesday’s session, showing caution ahead of the US Fed decision on interest rate hike, if any.  The U.S. dollar remained broadly lower against other major currencies on Wednesday, as investors remained cautious ahead of the Federal Reserve’s monthly policy decision due later in the day. The greenback moved lower following U.S. President Donald Trump’s first State of the Union address late Tuesday.

Fundamental News

  • European Monetary Union Consumer Price Index (YoY) same as expectations (1.3%) in January: Actual (1.3%).
  • European Monetary Union Consumer Price Index – Core (YoY) same as forecasts (1%) in January: Actual (1%).
  • Germany Unemployment Change came in at -25K, below expectations (-17K) in January.

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USDINR

USDINR pair unable to hold its higher level and came down closed the session near to its day low. This pair has major support of 63.6000 if it sustain below this mark then more selling can be witness, whereas 64.0000 is psychological resistance level.

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EURINR

EURINR pair opened with positive bias and continued its upward journey, closed with gain. It has resistance of 79.7000 above this it can follow its upside movement and test next resistance level of 80.0000, on downward side it has support of 79.2000.

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GBPINR

GBPINR pair drags down from its higher level due to profit booking and settled the session near to its day low. For upcoming session if it manages to hold above 90.8000 mark then it can continue its northward journey, on downward side 90.0000 is support level.

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JPYINR

JPYINR pair pulls down from its resistance level and closed the session with loss. Now, it has immediate support of 58.5000 below this mark more correction can be expected towards next support level, 59.0000 is act as major resistance level.

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