Against US dollar, the Indian rupee depreciated by 2 paise to open at 71.1475 in early trade but trimmed losses soon and traded in the range of 71.1875 and 70.6125, driven by a weakening of the greenback in overseas markets and fresh foreign inflows. On the flip side, dollar held within sight of a two-week high against its Asian peers, as China cut its 2019 economic growth target, dimming the outlook for global growth. On the economic front, economic conditions in India’s dominant service sector remained positive in February.
- German business activity growth recovers to five month high in February.
- The Reserve Bank of Australia (RBA) has held official interest rates at 1.5 per cent for the 27th consecutive meeting despite continuing signs the economy is struggling.
USDINR found resistance on higher levels showed bearish movements closed with loss.
Currency pair continue its negative rally if sustain below its immediate support of 70.6000 and find next support around 70.2000.
EURINR showed negative movements throughout the session closed around its support.
Psychological level of 80.0000 is seen as strong support for the currency pair below which it may drag towards support of 79.7000.
GBPINR opened with negative bias showed bearish movements closed around its psychological level.
93.0000 is act as strong support zone for the currency pair breakout below which it may shows more negative movements towards 92.5000.
JPYINR unable to sustain on higher levels showed negative movements closed with loss.
Now, 63.5000 is seen as strong resistance level for the currency pair sustaining below this it may continue negative movements towards 63.0000.
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