Market Outlook

The Indian Rupee depreciated by 16 pasie to open at 72.1450 but soon cappped all the losses and traded in the range of 72.1450 and 71.7200 throughout the day against the US dollar, driven by a positive opening in domestic equities and weakening of the greenback in overseas markets.
On the flip side, The U.S. dollar hit a one-week high against the euro and British pound in early trading in Europe Tuesday, building on gains in the wake of strong U.S. data last week.

Fundamental News

  • Sweden New Orders Manufacturing (YoY) increased to 2.4% in December from previous -2.4%.
  • Australia RBA Interest Rate Decision in line with expectations 1.5% in February 5.
  • Australia Exports dipped from previous 1% to -2% in December.

USDINR showed correction from higher levels closed below its support.
If able to continue trades below its support zone then more correction can be seen in it and drags towards its next support of 71.2000.

EURINR after negative opening showed bearish movements closed with negative bias.
Psychological level of 82.0000 is act as strong support for the currency pair breakout below this mark it may shows more negative movements.

GBPINR showed sharp negative movements in second half closed around its support level.
If continue negative movements in upcoming session then strong support for it is seen near 93.0000 below which it may drag toward 92.8000.

JPYINR after correction found resistance on higher levels closed around its day low.
Now, 65.0000 is seen as support mark for the currency pair sustaining above this mark it may continue bullish movements.

(Click to submit your details) Just one step to get best trading tips and Recommendation.

Leave a Reply

Your email address will not be published. Required fields are marked *