Market Outlook

The Indian Rupee opened flat at 71.3125, trimmed early losses, made low of 70.8100 and strengthen against US dollar, maintaining its upward trend for the sixth straight day on continued selling of the dollar by exporters and banks. Moreover, optimism ahead of index of industrial production (IIP) numbers for December and retail inflation for January, and the dollar weakening against major Asian peers also bolstered the sentiment of Rupee. On the flip side, U.S. dollar rose to a new eight-week high in early trade in Europe.

Fundamental News

  • The pound slid to a new three-week low extending the losses it made after a raft of data showing the U.K. economy close to stalling as the deadline to leave the European Union approaches.
  • The yuan traded slightly higher on Tuesday in Asia as U.S. President Donald Trump’s positive comments on trade supported the Chinese currency.

USDINR opened with partial loss showed bearish movements and closed with negative note.
Currecny pair broke its psychological level of 71.0000 and closed below it suggests more selling pressure toward its dipper support zone.

EURINR after negative opening showed bearish rally and closed around its support.
If sustain below its psychological level of 80.0000 in upcoming session then continue bearish movements towards 79.5000 mark.

GBPINR showed negative movements throughout the session closed with loss.
91.0000 is seen as immediate support zone for the currency pair opening below this level may active bears and take it towards 90.5000.

JPYINR after negative opening showed sideways to bearish movements closed with negative bias.
Currency pair continue its bearish rally if able to sustain below 64.0000 mark and find support around 63.7000. On higher levels 64.5000 is resistance for it.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published.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