Market Outlook

The Indian rupee appreciated by 10 paise to open at 71.2800 against the US dollar after Finance Minister Nirmala Sitharaman announced several measures to promote investment and growth. In a major relief to foreign portfolio investors, FM Nirmala Sitharaman said Super-rich tax will not apply on capital gains arising from sale of any security including derivatives in hands of FPIs. The government on Friday also slashed effective corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

Fundamental News

  • Asian stocks trade mixed as calls of further stimulus confront trade/political uncertainty.
  • GBP/USD storms to two-month high, confusing reports about trade talks keep markets guessing.
  • Japan’s Sugawara: Will hold bilateral talks with S. Korea, Won hits 2-day highs.

USDINR

USDINR after negative movements found support and closed around its resistance. Now, 70.7000 is seen as strong support zone for the currency pair sustaining above this mark it may shows positive movements towards 71.5000.

EURINR

EURINR showed sideways to bearish movements closed with loss. If able to continue bearish movements in upcoming session then currency pair drag towards its support zone of 78.3000 below which 78.0000 is next support.

GBPINR

GBPINR opened with positive bias unable to sustain and closed with flat note. Currency pair shows negative movements if able to break its immediate support zone of 88.7000 and find next support around 88.3000.

JPYINR

JPYINR unable to sustain on lower levels closed around its short term resistance. Sustaining above 66.0000 mark currency pair shows bullish movements and on lower levels it may find support near 65.5000.

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