Market Outlook

The Indian rupee (INR) fell to 64.39 against the US dollar (USD) today, amid a selloff in domestic equity markets and dollar demand from importers and banks. This is the lowest value of the rupee (INR) against the US dollar (USD) since December 18, 2017, when it hit 64.68 intraday against the US dollar (USD).  Dealers said early losses in domestic equity markets and fresh foreign fund outflows weighed on the rupee (INR). On Monday, the rupee (INR) had closed on at a flat note at 64.06 against the USdollar(USD).

Fundamental News

  • South Africa Business Confidence Index rose from previous 96.4 to 99.7 in February.
  • Sweden Industrial Production (MoM): 0.8% (December) vs previous 0.9%.
  • Australia RBA Interest Rate Decision in line with expectations (1.5%).

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USDINR

USDINR pair opened with strongly bullish note but unable to hold its higher level and drag down, closed with gain. This pair has major resistance of 64.6000 if it manages to hold above this mark then it can go towards next resistance level of 64.8000, whereas 64.0000 is support level.

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EURINR

EURINR pair has opened with gap down and moved under tight range, closed the day with loss. It has resistance of 80.2000 above this it can follow its upside movement, on downward side it has support of 79.7000 below this correction can be seen.

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GBPINR

GBPINR pair continued its downward journey closed with weak note. For upcoming session if it manages to sustain below the  support level of 89.5000 then it can continue its down side movement, on higher  side 90.5000 is resistance  level.

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JPYINR

JPYINR pair started with bullish note but unable to hold its higher level and came down, closed with good gain. Now, it has resistance of 59.5000 above this mark it may continue its upside movement, whereas 58.8000 is crucial support level.

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