Market Outlook

Rupee opened down by 9 paisa, made a high of 65.0700 in early trade and hovering in the range of 21 paisa during trading hours the dollar at the interbank forex market today on fresh selling of the greenback by exporters and RBI Monetary Policy set to remain stable. Dollar was under pressure after China said it plans new tariffs of up to 25% on 106 U.S. products. Soybeans, airplanes and cars will be among the $50 billion in affected products, but China’s Commerce Ministry didn’t say when the levies will take effect.

Fundamental News

  • Monetary Union Producer Price Index (YoY) of Europe above forecasts (1.5%) in February: Actual (1.6%).
  • Industrial Production (YoY) of Greece declined to -2% in February from previous -1.7%.
  • United Kingdom Markit Services PMI below expectations (54) in March: Actual (51.7).

USDINR

USDINR opened with negative bias closed around its support level. Psychological level of 65.0000 is act as strong support level below which correction is expected towards 64.8000. On higher side 65.3000 is resistance.

EURINR

EURINR showed negative movements throughout the session closed below support mark. Closing below its strong support suggesting more downside movements and may find support near 79.5000. Upward side 80.2000 is immediate resistance for it.

GBPINR

GBPINR unable to sustain on higher levels showed correction and closed around its day low. Currency pair broke its support level, now some correction is witness towards 91.0000 if sustain below its support, whereas 92.0000 is strong resistance.

JPYINR

JPYINR opened with negative bias showed sideways movements and closed on lower note. Form strong consolidation around its intraday support mark if break in upcoming session then more bearish movements were expected in it upto next support of 60.5000.

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