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Market Outlook

The Rupee opened nearly 4 paise up at 66.67 against dollar on Tuesday on account of selling of American currency by banks and exporters amid robust foreign inflows.
Top American economic officials, set to meet their Chinese counterparts next week at a Group of 20 gathering, may find one of their toughest challenges yet to hash out agreed language on foreign-exchange policy. While President Donald Trump has repeatedly blasted Beijing for manipulating the yuan to make it cheaper, the People’s Bank of China has been intervening to cushion declines.

Fundamental News

•    European Monetary Union Gross Domestic Product s.a. (YoY) in line with forecasts (1.7%) in 4Q.
•    Spain 6-Month Letras Auction increased to -0.302% from previous -0.365%.
•    Italy Producer Price Index (MoM) up to 1% in January from previous 0.6%.

USDINR

USDINR surpassed the key support on daily chart and closed around it.On daily chart, weakness may continue for the pair till it holds below 66.8500 whereas strict resistance so seen ahead is near mark of 67.0000.

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EURINR

EURINR dropped down towards support levels after the reversal candlestick so formed in the previous session.
If the bears continue to attack the currency pair then 70.5800 is seen as near support whereas 71.1500 is seen as immediate resisatnce.

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GBPINR

GBPINR broke the crucial support of 81.9500 on daily chart and closed below it.Bears may drag the counter towards the next deeper support of 81.3500 while on higher side, 82.0000 may continue to act as key resistance.

3

JPYINR

JPYINR showed range bound movements during the entire session and closed in red.If it hikes above the specific range then 59.0000 mark will resist it to move higher whereas 58.5000 may continue to act as crucial support for it.

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