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Market Outlook

The Rupee opened on a flat note on Friday ahead of the upcoming state elections results on Saturday and concerns over an impending Fed rate hike. The currency opened 1 paisa higher at 66.70 against dollar.
The dollar slipped lower against other major currencies on Friday, as investors became more cautious ahead of the highly-anticipated U.S. nonfarm payrolls report due later in the day. Meanwhile, the euro remained supported after European Central Bank President Mario Draghi struck a more upbeat tone on the outlook for the recovery.

Fundamental News

•    Greece Consumer Price Index – Harmonized (YoY) below expectations (1.5%) in February: Actual (1.4%).
•    United Kingdom Industrial Production (YoY) below forecasts (3.3%) in January: Actual (3.2%).
•    Austria Trade Balance: €-639.2M (December) vs previous €-283.8M.

USDINR

USDINR continued the bear trend so followed in the previous session and closed down.Weakness is expected to continue till it sustains below the mark of 67.0000 whereas 66.5000-66.4000 is the immediate support range.

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EURINR

EURINR pulled back after three day consecutive fall and closed in green territory.If the pull back continues, then 71.0000-71.1500 is seen as resistance range whereas 70.5000 may continue to act as strong support for the same.

2

GBPINR

GBPINR dragged below the crucial support levels and closed below it.Bears are expected to continue till it sustains below 81.3000 and next key support is 81.0000. On higher side, 81.7000 is seen as important resistance.

3

JPYINR

JPYINR dropped for the third successive session and closed in negative terrain.Weak trend may continue till it maintains below the important level of 58.0000 where 57.7000 is seen as next support while 58.2000 is immediate resistance.

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