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Market Outlook

The Rupee opened 11 paise down at 68.18 against dollar on account of buying of American currency by banks and importers.
The dollar rose against the yen and euro on Thursday but the prospect of stronger US economic growth was not enough to drive the currency significantly higher as the weight of bets on a stronger greenback made some investors nervous. While equities and Treasury yields have continued to rise, fuelled by US President Donald Trump’s signals that he plans to increase public spending, expectations of a boost to growth have had a diminishing impact on the dollar in the past 10 days.

Fundamental News

•    Asian currencies pressured as dollar rebounds from 7-week lows.
•    Dollar edges up, Mexican peso tumbles on Trump’s tax proposal.
•    Mexican peso falls about 0.5 pct after Trump’s talk of border tax.

USDINR

USDINR dragged lower despite strong opening and closed on the flat note.
On the higher side, 68.5000 will act as important resistance for the coming session while any closing below 68.2000 can further drag it towards 68.0000.

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EURINR

EURINR fell sharply with the start of the session and settled the session in red territory.
If the currency pair sustains below the mark of 73.0000 then it may drop towards 72.8500 whereas 73.3000 is seen as immediate resisatnce.

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GBPINR

GBPINR showed correction from higher levels which acted as strict resistance and closed the session on weak note.
On daily chart, 86.0000 will continue to act as stiff resistance for the counter. On lower side, if it breaches the immediate support of 85.5000 then it may further dip to lower levels.

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JPYINR

JPYINR opened on a gap down note and dragged for the second consecutive session.
If it holds below the support of 59.3500 then it may drop towards 59.0000 mark whereas strength will now be seen above 59.8000.

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