Market Outlook

Against the US dollar, the Indian rupee opened flat at 69.5150 and through out the day traded in the range of 69.6675 and 69.1950 owing to increased demand for the greenback from importers and banks. On the flip side, dollar was close to its highest level in nearly three weeks, as the rising likelihood of a disruptive and disorderly Brexit hit confidence in both the euro and sterling. Investors were also hopeful for a resolution to the US-China trade conflict, with a Chinese delegation led by Vice Premier Liu He set to visit Washington later this week.

Fundamental News

  • The British pound fell after U.K. lawmakers rejected all alternative options to Prime Minister Theresa May’s Brexit deal.
  • WTI rises to fresh 5-month high on speculations of the US sanctions on Iran.
  • ASB now expects the Reserve Bank to cut interest rates in May after weak quarterly survey of business opinion.

USDINR

USDINR unable to sustain on higher levels showed correction closed around day low. Now, 69.0000 is seen as strong support zone for currency pair sustaining above this mark it may shows positive movements and find resistance around 69.7000.

EURINR

EURINR after breakout from its support level showed bearish movements closed with negative bias. Immediate support for the currency pair is seen around 77.7000 breakout below this mark it may find next support around 77.2000.

GBPINR

GBPINR showed bearish movements throughout the session closed around its support. If continue negative movements in upcoming session then psychological level of 90.0000 is act as support zone for it below which it is more bearish.

JPYINR

JPYINR after negative opening showed bearish movements closed with negative note. If able to sustain above 62.0000 mark it may shows some correction and find resistance around 62.8000. On lower levels 61.8000 is act as strong support.

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