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Market Outlook

The Rupee opened nearly 9 paise down at 66.78 against dollar on Wednesday on account of selling of American currency by banks and exporters.
The dollar ticked up on Wednesday as Federal Reserve policy-setters fanned expectations of a rate hike this month, while US President Donald Trump offered Congress little details on his stimulus as some investors had expected. The greenback extended gains against the yen, last up 0.6 per cent at 113.48 yen. The euro dropped 0.2 per cent against the dollar to $1.0555.

Fundamental News

•    Ireland Purchasing Manager Index Manufacturing dipped from previous 55.5 to 53.8 in February.
•    United Kingdom Net Lending to Individuals (MoM) remains unchanged at £4.8B in January.
•    Turkey Exports increased to $11.3B in February from previous $10.53B.in February.

USDINR

USDINR sustained higher than the previous close and closed the session on a positive note.If the currency pair sustains above the mark of 67.0000 then it may move towards the next resistance of 67.2500 whereas 66.8500 will continue to act as support.

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EURINR

EURINR opened on lower note and sustained at such levels for the whole session.The currency pair is likely to face resistance at higher levels of 71.1000 whereas holding below the 70.70000 can further drag the counter.

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GBPINR

GBPINR opened gap down and showed sharp downfall in the last part of the session.The pair breached the support of 83.2000 so seen on daily chart and sustaining below it can further drop it towards the next key support of 83.3000.

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JPYINR

JPYINR dropped sharply from the higher level at which it sustained since last few consecutive sessions.Weakness can be seen till it sustains below the mark of 59.0000 and may dip towards the immediate support of 58.7000 whereas 59.3000 may act as immediate resisatnce.

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