Market Outlook

The Rupee opened nearly 4 paise down at 65.40 against dollar on account of buying of American currency by banks and importers.
Most Asian currencies fell against the dollar on Thursday as investors waited to see if US President Donald Trump could push through a health bill to replace “Obamacare”, which would open the way for tax cuts. The U.S. currency has struggled this week as growing doubts over Trump’s ability to push through with economic and tax policies triggered broad risk aversion and buffeted equities.

Fundamental News

•    Dollar steadies as eyes shift to U.S. healthcare vote.
•    Most Asian currencies dip as investors grow cautious on Trump’s health bill.
•    Retail sales in Great Britain increased by 3.7% compared with February 2016.
•    China’s yuan slips, but onshore rates seen lending support.


USDINR traded sideways to positive during the session and closed above the previous close.
It has been stuck into a range since last few sessions and 65.7500 is seen as strong resistance above whereas 65.2500 will continue to act as strong support.



EURINR found support at lower levels during the session and closed on a flat note.
If the currency pair moves higher then 70.9000-71.0000 is seen as resistance range while any closing below 70.3500 can again drag the counter lower.



GBPINR had been gradually rallying towards higher levels since last five consecutive sessions.
If it sustains above the mark of 82.0000 then it may move towards the immediate resistance of 82.4000. On lower side, 81.6000 may support the counter to move down.



JPYINR again showed bullish moves for the second consecutive session.
Strength may continue till the currency pair sustains above the mark of 59.0000 and it may lead towards 59.5000 whereas 58.8000 is acting as immediate support.


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