Market Outlook

Against US dollar, the Indian rupee appreciated by 17 paise to open at 69.8475 driven by sustained foreign fund inflows and weaker greenback against key rival currencies overseas. Besides, selling of US dollar by exporters and banks also propelled rupee higher. Moreover, foreign funds poured money in domestic equity market by pricing in the second term for the incumbent NDA government. On the macro front, industrial production data for January 2019 will be unveiled today, 12 March 2019.

Fundamental News

  • Australia’s unemployment rate currently sits at 5%, the lowest level since 2011.
  • Chinese Yuan edges up, buoyed by Brexit and trade deal cheer.
  •  Pound Rises on Progress with Brexit Talks; Australian Dollar Near Flat.
  • In US data, U.S. retail sales unexpectedly rose in January. Retail sales rose 0.2%.

 

USDINR after negative opening gound support on lower levels closed around its resistance. 69.5000 is seen as strong support for the currency pair sustaining above this it may show some positive movements towards 70.3000.

EURINR opened with negative bias showed sideways movements closed with a loss. 79.0000 is seen as immediate resistance zone for the currency pair breakout from this level it may find next resistance around 79.3000.

GBPINR opened with positive bias unable to hold higher levels lost all gain closed with a flat note. Sustaining below 91.0000 marks may show more negative movements in particular currency pair and find support around 90.5000.

JPYINR after a gap down opening found support closed around its day high. Psychological level of 63.0000 is seen as immediate resistance sustaining above this it may give some positive movements. 62.6000 is acted as support for it.

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