Market Outlook

Against the US dollar, the Indian rupee opened flat and throughout the day traded in the range of 69.0325 and 68.8125 on Wednesday on increased demand for the US currency from importers and rising crude prices. However, a higher opening in domestic equities and sustained foreign fun inflows helped in restricting the slide in the Indian unit to some extent. Meanwhile, Prime Minister Narendra Modi on Wednesday, 27 March 2019, announced successful launch of the country’s Anti Satellite Missile System (ASAT)

Fundamental News

  • Profits at China’s industrial firms suffered their worst contraction since late 2011 in the first two months of this year.
  • The Reserve Bank (RBNZ) has kept the Official Cash Rate (OCR) on hold at 1.75% as expected, but placed more emphasis on the slowing economy.
  • PBOC cut Yuan’s fixing by 99 pips to 6.7141 per USD.

USDINR

USDINR showed sideways movements throughout the session closed with partial gain.  69.0000 is act as strong support zone for the currency pair breakout below this level it may shows bearish movements towards 68.7000.

EURINR

EURINR after negative opening found support on lower levels closed around its day high. If able to sustain on higher levels currency pair may shows positive movements and find resistance around 78.8000 above which it is more bullish.

GBPINR

GBPINR found support on lower levels showed correction closed around its resistance. If able to continue positive movements in upcoming session then 92.0000 is act as immediate resistance for it above which next resistance is seen around 92.3000.

JPYINR

JPYINR unable to sustain on lower levels showed positive movements closed with gain. Currency pair shows bullish movements if able to sustain above resistance level of 63.2000 and find next resistance near 63.4000.

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