Market Outlook

Indian Rupee fell sharply by 47 paise to 69.82 against dollar in early trade on higher demand for the greenback from importers. However, it erased most of the losses and trading at day’s high level at 69.53/$. Rupee consolidated in a narrow range for the whole week following lack of domestic and global cues and despite strength in the dollar against its major crosses. On the domestic front, trade numbers released last week were slightly disappointing following rise in crude imports. Inflation number also failed to have any major impact on the currency.

Fundamental News

  • Dollar edges up in thin post-holiday trade after positive US data
  • Asian currencies slip on higher oil prices.
  • Canadian Dollar Up with Oil on Fears US to End Iran Trade Waivers.
  • AUD/USD struggles near one-week lows, below mid-0.7100s.
  • Asia markets mixed; Australian and Hong Kong markets closed for holiday.

USDINR after positive opening showed correction and closed with gain.

Psychological level of 70.0000 is act as strong resistance zone for the currency pair sustaining above this mark it may continue bullish rally towards 70.2000.

EURINR found strong support on lower levels and closed with positive bias.

If able to continue positive movements in upcoming session then 78.7000 is act as resistance for it above which it may find next resistance around 79.0000.

GBPINR opened with positive bias showed correction and closed with positive note.

Now, sustaining above its immediate resistance level currency pair shows bullish movements and find resistance around 91.0000 mark.

JPYINR showed correction from higher levels and closed around its resistance.

62.5000 is seen as resistance mark for particular currency pair breakout above this level it may shows more bullish rally and find resistance near 63.0000.

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