Market Outlook

The Rupee opened 11 paise higher at 67.20 against dollar on Monday on account of selling of American currency by banks and exporters.
The local currency continued its winning run against the greenback on Friday and closed at a fresh 2-1/2 month high of 67.31.
The U.S. dollar pushed higher against a currency basket on Monday but gains were held in check after data showing a slowdown in U.S. wage growth in January dampened expectations for a faster rate of interest rate hikes this year.

Fundamental News

•    European Monetary Union Sentix Investor Confidence meets forecasts (17.4) in February.
•    Germany Factory Orders n.s.a. (YoY) increased to 8.1% in December from previous 3%.
•    Norway Manufacturing Output increased to 1.1% in December from previous -0.1%.


USDINR extended the bears for six consecutive sessions and closed the session in red territory.
Weakness is expected to continue till it sustains below the major support of 67.4000 and may slip towards 67.0000. On higher side, 67.6000 is seen as immediate resistance.



EURINR was unable to sustain at higher levels and dropped during the session.Now, as per daily chart, 72.2000 is seen as immediate support whereas 72.8000 will continue to act as important resistance for the pair.



GBPINR continued the bears for the second successive sessions and closed on weak note.If the negative momentum of the currency pair continues then 83.7000 is marked as immediate support whereas 84.7000 is seen as major resistance.



JPYINR has been hovering in a range and is unable to show specific trend on either sides.If it sustains above the resistance range 60.0000-60.2000 then it may move higher while any closing below 59.6000 can be a weak sign for the pair.


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