Market Outlook

The rupee opened flat at 71.0375 against the US dollar, as investors were cautious ahead of the US Federal Reserve’s interest rate decision. Besides, a strengthening greenback against other overseas currencies also kept investors on the edge. However, a positive opening in domestic equity market and easing crude oil prices supported the rupee and restricted the fall. Elsewhere, Chinese yuan inched up marginally as investors awaited the outcome of the Fed meeting and more clarity on how Sino-U.S. trade negotiations are going.

Fundamental News

  • Asian stocks trade in the red ahead of Fed interest rate decision
  • Super Wednesday features the Fed, US GDP, and lots more as Brits brace for “jingle polls”
  • Germany’s DIHK cuts its 2019 German GDP growth forecast for third time this year
  • Yuan to rise against USD amid stabilizing China’s economic growth.

USDINR found resistance on higher levels showed correction closed with partial gain.

Sustaining above 71.0000 mark currency pair may shows more positive movements and find resistance around 71.5000 mark.

EURINR after bullish opening showed sideways movements closed with positive bias.

79.2500 is seen as immediate resistance for the currency pair breakout above this mark it may find next resistance around 79.7000.

GBPINR showed positive movements closed around its resistance.

On higher levels 92.0000 is seen as strong resistance zone for the currency pair if shows bullish movements then find resistance around it.

JPYINR showed sideways movements after positive opening closed with gain.

Now, 65.5000 is act as resistance zone sustaining below this mark currency pair shows bearish movements and find support around 65.0000.

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