Market Outlook

The Indian rupee appreciated by 17 paise to open at 70.2975 and throughout the day hovered in the range of 70.2975 and 70.1000 against the US dollar, driven by foreign inflows and a positive opening in domestic equities. Moreover, selling of the American currency by exporters supported the rupee, but rising crude prices weighed on the local unit and capped the up move. Market participants are taking a cautious approach as they wait for further details on a possible trade agreement between China and the US.

Fundamental News

  • Euro Hovers near 2-Week Low Ahead of ECB Decision.
  • The Australian dollar also stayed near its lowest level in two months after data showed that retail sales rose 0.1% in January, less than an expected 0.3% increase.
  • GDP up by 0.2% and employment up by 0.3% in the euro area.

USDINR showed sideways to bearish movements closed around its support.

Psychological level of 70.0000 is act as strong support for the currency pair sustaining below which it comes in bearish zone.

EURINR after correction found resistance on higher levels closed with negative bias.

Now, 79.4000 is seen as immediate support for the currency pair breakout on lower side may take it towards support of 79.0000.

GBPINR showed bearish movements throughout the session closed around its day low.

Currency pair continue its bearish movements in upcoming session if sustain on lower levels and find support around 92.0000.

JPYINR after negative opening showed sideways movements closed with negative note.

After breakout from 63.0000 mark currency pair found resistance around it, if breaks immediate support then drag towards support of 62.5000.

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