Market Outlook

On Wednesday, Indian Rupee came under pressure in the first half of the session following tension arising between India and Pakistan border. Hence, it snapped its gains in previous two sessions. On the domestic front, data showed India’ fiscal deficit stood at 121.5% of the budgeted estimate of Rs 6.24 lakh crore for 2018-19. On the other hand, crude rebounded following a surprise draw in crude oil inventory of 4.2 million barrels for the week ending 22nd February.

Fundamental News

  • Dollar, yen up slightly as India-Pakistan tensions mount.
  • Most Asian currencies tread water after Powell comments.
  • GBPUSD Price Continues To Push Ahead Strongly, Brexit Debate in Focus.
  • Annual growth rate of broad monetary aggregate M3 decreased to 3.8% in Jan’19 from 4.1% in Dec’18 in Euro Area.

USDINR after positive movements showed correction closed with gain.

Now, sustaining above its immediate resistance of 71.6000, give strength to particular currency pair and find next resistance around 72.0000.

EURINR showed correction after positive movements closed around its resistance.

82.0000 is seen as strong resistance zone for the currency pair breakout above this level may take it towards 82.3000 mark.

GBPINR showed positive movements throughout the session closed around its day high.

If continue positive rally in upcoming session then find resistance around 96.0000 mark. On lower levels 95.0000 is act as strong support.

JPYINR after positive opening showed sideways to bullish movements closed with positive note.

Immediate resistance for the currency pair is seen around psychological level of 65.0000 sustaining above it 65.5000 is act as major resistance.

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