Market Outlook

The Indian Rupee opened flat at 71.2700 and throughout the day hovered in range of 71.5975 and 71.1750 against the US dollar, on increased demand for the American currency from importers amid rising crude prices and foreign fund outflows. However, a positive opening of the domestic equity market capped the rupee’s losses. On the flip side, dollar held steady near a two-week high against major Asian peers, as investor risk appetite held up despite the latest data showing China’s 2018 economic growth slowing to a near three-decade low.

Fundamental News

  • The pound slid as British Prime Minister Theresa May prepared to outline her Plan B for Brexit, designed to break the deadlock in parliament by setting out proposals that are expected to focus on winning more concessions from the European Union.
  • Japan-U.S. ties in deep uncertainty as Trump enters 3rd year in office.

USDINR open with positive bias showed correction closed with gain.
71.0000 is act as immediate support zone for the currency pair sustaining above this mark it may continue bullish movements towards 71.8000.

EURINR showed correction after positive opening and closed with partial loss.
Currency pair looks bullish if able to sustain above its support of 81.0000 in upcoming session and find resistance near 81.7000.

GBPINR opened with gap down and showed bearish movements closed with negative bias.
Now, 92.0000 is seen as strong resistance zone for the currency pair below this mark it may shows more negative movements towards 91.3000.

JPYINR showed sideways to negative movements closed with flat note.
Sustaining above psychological level of 65.0000 may result in some positive movements in particular currency pair and find resistance around 65.5000.

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