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Market Outlook

Extending its winning streak for the fifth straight session, the rupee hit its three-week high in early trade on Tuesday ahead of the Economic Survey and Union Budget. The currency opened nearly 11 paise higher at 67.84 against dollar on sustained selling of American currency by banks and exporters.
The dollar remained weaker against a basket of the other major currencies on Tuesday as concerns over the destabilizing impact of President Donald Trump’s immigration policy continued to generate risk aversion.

Fundamental News

•    Germany Unemployment Rate s.a. registered at 5.9%, below expectations (6%) in January.
•    Spain Current Account Balance increased to €3.3B in November from previous €2B.
•    Italy Unemployment came in at 12%, above expectations (11.8%) in December.

USDINR

USDINR continued the bearish move for the third consecutive session and closed on weak note.
It has again tested the major support of 68.0000 on daily chart which may again act as reversal point for the pair. On higher side, 68.2000 may act as immediate resistance.

1

EURINR

EURINR traded in sideways manner for most part of the session and settled on a flat note.
Weakness will be seen in the counter till it sustains below the mark of 73.0000 whereas 73.3000 is seen as stiff resistance from current levels.

2

GBPINR

GBPINR continued the selling momentum for the third consecutive session and closed on weak note.
If the currency pair sustains below 84.5500 then sell offs could increase and it may test deeper support levels whereas 85.3000 may act as strict resistance.

3

JPYINR

JPYINR found support at lower levels and opened at higher note for the session.
Now, 60.0000 is seen as strict psychological resistance for the counter sustaining above which can result in up move while 59.4000 will continue to act as major support .

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