Market Outlook

The rupee continued to feel the heat on Friday as it opened 10 paise down at 64.12 against the US dollar after Finance Minister Arun Jaitley announced long-term capital gains (LTCG) tax on equities and widened fiscal deficit target. Sentiment turned negative after the government’s revised estimate showed that the net borrowing for the current fiscal was raised steeply to Rs 4.79 lakh crore as against the estimate of Rs 3.5 lakh crore.  The U.S. dollar held steady against other major currencies on Friday, as investors remained cautious employment data due later.

Fundamental News

  • The yield on the 10-year US Treasury note almost touched 2.8 percent; the highest level since April 2014 on evidence the inflation is rising.
  • Australia Producer Price Index (YoY) above expectations (1.2%) in 4Q: Actual (1.7%)Japan Monetary Base (YoY) below forecasts (11%) in January.

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USDINR

USDINR pair came down due to profit booking and recovered from its lower level, closed the session with gain. This pair has major resistance of 64.4000 if it manages to hold above this mark then it can go towards next resistance level of 64.6000, whereas 63.7000 is support level.

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EURINR

EURINR pair has given bounce back after profit booking from higher level, closed the day with good gain. It has resistance of 80.5000 above this it can follow its upside movement towards next resistance level, on downward side it has support of 79.7000.

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GBPINR

GBPINR pair unable to hold its higher level and drags down closed the session with positive note. For upcoming session if it manages to hold above 91.7000 mark then it can continue its northward journey, on downward side 90.9000 is support level.

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JPYINR

JPYINR pair pulls down from its higher level and closed the session with flat note. Now, it has immediate support of 58.2000 below this mark more correction can be expected towards next support level, 58.8000 is act as a major resistance level.

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