Market Outlook

In early trade, the rupee depreciated by 15 paise to open at 69.0900 and throughout the day hovered in the range of 69.4450 and 68.8425 against the US dollar ahead of the Reserve Bank of India’s policy decision and foreign fund outflows. On economic front, the Reserve Bank of India (RBI) lowered the GDP growth forecast for the current fiscal amid probability of El Nino effects on monsoon rains and uncertain global economic outlook.

Fundamental News

  • The Reserve Bank of India (RBI) cut its repo rate by 25 basis points to 6%.
  • The pound strengthened overnight after lawmakers moved by a majority of one vote to block a no-deal Brexit.
  • US 10-year treasury yield hits 12-day high on trade talks
  • German factory orders slump 4.2% in Feb, a negative surprise.

USDINR

USDINR showed bullish movements throughout the session closed around its high. Now, strong support for the currency pair is seen around 69.0000 if sustain above this level it may shows more positive movements.

EURINR

EURINR opened with negative bias showed correction closed with positive note. Currency pair continues its bullish movements if able to sustain above 78.0000 mark and find next resistance around 78.7000.

GBPINR

GBPINR after positive movements found resistance on higher levels closed with gain. If correction occurs in particular currency pair then 91.0000 is seen as immediate support for it below which 90.8000 is act as support.

JPYINR

JPYINR showed positive movements throughout the session closed with bullish bias. 62.5000 is seen as immediate resistance for the currency pair breakout above this level it may shows more bullish movements towards 62.8000.

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