Market Outlook

The Indian rupee opened flat at 69.8300 and throughout the day hovered in the range of 69.8950 and 69.5350 against US dollar driven by sustained foreign fund flows and higher opening in domestic equity market. However, rising crude prices restricted the upmove. On flip side dollar remained unchanged against its major Asian peers while British Pound and Euro traded higher against dollar, as the market leans on balance towards believing that Brexit will be softened, delayed or even cancelled.

Fundamental News

  • Japan’s machinery orders fell in January at the fastest pace in four months due to declining demand in the auto and telecommunications equipment sectors as the U.S.-China trade war dented global demand.
  • Pound edges up after May’s Brexit defeat, more volatility expected.
  • Aussie whacked lower again on economy concerns.
  • China Data Dump to Show Investment Recovery Continuing in 2019.

USDINR

USDINR opened with partial gain unable to sustain on higher levels closed around its support. Sustaining below 69.5000 in upcoming session may shows more negative movements in particular currency pair towards 69.3000.

EURINR

EURINR after positive opening showed correction closed with flat note. Psychological level of 79.0000 is still act as strong resistance zone for the currency pair breakout above this level it may find resistance around 79.3000.

GBPINR

GBPINR showed bullish movements throughout the session closed with gain. Now, 92.0000 is seen as resistance level for it sustaining above this mark it may shows more bullish movements towards 92.3000.

JPYINR

JPYINR found resistance on higher levels showed bearish movements closed with loss. 62.5000 is immediate support for the currency pair above this mark it may shows some correction towards resistance of 63.1000.

Click to submit your details) Just one step to get the best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *