Against the US dollar, the Indian rupee apreciated by 10 paise to open at 70.9825 and traded in the range of 71.2075 and 70.9000 on increased demand for the US currency from importers and foreign fund outflows. Besides, strength in dollar against major rival currencies on stronger US economic data also kept pressure on the Indian rupee. However, a higher opening in domestic market helped in restricting the slide in the Indian unit to some extent. On the macro front, the health of the Indian manufacturing sector strengthened further in February.
- Euro area annual inflation is expected to be 1.5% in February 2019, up from 1.4% in January.
- German February Unemployment Decline Strongly Exceeds Expectations.
- Italian manufacturing operating conditions deteriorate at fastest pace since May 2013.
USDINR showed sideways to positive movements closed around its resistance. Sustaining above immediate resistance of 71.2000 may give strength to particular currency pair and shows positive rally towards 71.5000.
EURINR after negative opening showed sideways movements closed with partial loss. 80.9000 is seen as strong support zone for the currency pair, if able to sustain above it then continue bullish movements towards 81.5000.
GBPINR showed sideways to bearish movements closed with negative bias. Psychological level of 94.0000 is act as strong support for the currency pair sustaining below which may drag it towards next support zone of 93.5000.
JPYINR opened with negative bias found support on lower levels closed around its resistance. If continue to trades above its resistance of 64.0000 then shows more positive movements in particular currency pair towards 64.3000.
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