Market Outlook

The rupee opened 14 paise up at 64.26 against the greenback as it bounced from a near two-month low, propped up by local equities. Banks and exporters took to selling of the American currency.  The euro edged higher on Monday and the dollar fell back, as a bounce in equity markets ended a strong run for the greenback in which nervous investors had rushed to reverse their bets against the US currency  The U.S. dollar remained moderately lower against other major currencies on Monday.

Fundamental News

  • Singapore Retail Sales (YoY): 4.6% (December) vs previous 5.3%.
  • Denmark Consumer Price Index (YoY) below forecasts (0.9%) in January: Actual (0.7%).
  • Denmark Inflation (HICP) (YoY) dipped from previous 0.8% to 0.6% in January.

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USDINR pair opened with gap down and moved under tight range, closed the session near to its day high. It has major resistance of 64.6000 above this level upside movement can be witnessed; whereas 64.2000 is crucial support level below this correction can be seen.



EURINR pair showed sideways movement throughout the day and closed with negative note. Now, 79.3000 is immediate resistance level if it manages to hold above this level then upside movement can be seen, on downward side it may take support of 78.8000.



GBPINR pair opened with gap down but bounced back for its lower level and closed the session with loss. This pair has immediate resistance of 89.8000 above this mark it may continue its upside journey towards next resistance level. 89.0000 is act as support level.



JPYINR pair has continued its upside journey but unable to manage its higher level and came down, closed with gain. It has major resistance of 59.5000 above this more upside movement can be seen, whereas 58.8000 is act as a major support zone.


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