Market Outlook

The Indian rupee opened flat at 71.2600 and throughout the day hovered in the range of 71.2700 and 71.1100 against the US dollar amid a dip in crude oil prices and fresh foreign fund inflows. On the other hand, the dollar edged up against major Asian peers even after a set of weak U.S. data released overnight. The Aussie Dollar was little changed after sliding to a 10-day low yesterday. Investors continue to closely watch high-level talks between the US and Chinese trade negotiators in Washington.

Fundamental News

  • The euro area annual inflation rate was 1.4% in January 2019, down from 1.5% in December.
  • Aussie dollar falls on reported coal ban from China.
  • The NZD/USD pair fell 50 pips a few minutes before press time, possibly due to RBNZ’s rate cut hint.

 

USDINR showed sideways to negative movements closed around its day low. If able to sustain below 71.0000 marks in upcoming session then it may show some bearish movements towards 70.7000. On higher levels, 71.5000 is strong resistance.

EURINR opened with a negative bias after correction found resistance closed around its support. Sustaining below immediate support of 80.7000 may result in more negative movements and find support around 80.2000.

GBPINR showed bearish movements and closed near to its short term support. Now, 92.5000 is seen as support mark for it sustaining below this mark it may show correction towards its next support zone of 92.2000.

JPYINR showed negative movements throughout the session closed with loss.64.0000 is act as a strong support zone for the currency pair breakout below this level 63.7000 is seen as next support for it.

Leave a Reply

Your email address will not be published.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