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Market Outlook

The Rupee on Friday retreated from 16-month high level to close down by 5 paise at 65.46 against the US currency on dollar demand from importers and suspected RBI intervention, ending its four-day dream run. The rupee had surged to a 16-month high of 65.41 per dollar yesterday after a four-day rally in the currency stoked by the BJP’s win in the key state of Uttar Pradesh.
The dollar traded higher against a basket of major currencies on Friday, amid mostly upbeat economic data as industrial production slowed in February while consumer sentiment topped expectations.

Fundamental News

•    European Monetary Union CFTC EUR NC net positions: €-41K vs €-59.5K.
•    United Kingdom CFTC GBP NC net positions dipped from previous £-81.4K to £-107.1K.
•    Japan CFTC JPY NC net positions fell from previous ¥-54.7K to ¥-71.3K.

USDINR

USDINR did not showed any extreme volatile movements and closed on a flat to positive note.
It has been observed that resistance is faced at higher levels by the currency pair i.e. around 66.0000 mark and 65.3000 will continue to act as key support.

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EURINR

EURINR rallied for the third successive session from deep supports and closed on a flat to positive note.
Correction on higher side can be witnessed till it sustains above the support level of 70.3000 and 70.8500-71.0000 is likely to act as important resistance range.

2

GBPINR

GBPINR jumped with the start of the session on release of Bank Of England monetary policy in previous session.
The currency pair tested the crucial resistance of 81.4000 sustaining above which can further strengthen the currency pair whereas 80.9000-80.6000 is seen as support range.

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JPYINR

JPYINR was able to sustain at higher levels for the second consecutive session and closed in positive terrain.
Immediate resistance so seen ahead is of 58.2000 maintaining above which can further lead the pair whereas 57.6000 is seen as key support.

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