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Market Outlook

The Indian rupee on Monday strengthened against the US dollar after local equity markets gained for the third consecutive session.The rupee closed at 66.93, up 0.14% from its previous close of 67.02. The local currency opened at 67.08 a dollar and touched a high and a low of 66.90 and 67.10, respectively.The dollar index, which measures the US currency’s strength against major currencies, was trading at 100.84, down 0.12% from its previous close of 100.95.

Fundamental News

•    Spain 3-Month Letras Auction increased to -0.402% from previous -0.477%.
•    United Kingdom Public Sector Net Borrowing registered at £-9.824B above expectations (£-14B) in January.
•    European Monetary Union Markit Manufacturing PMI registered at 55.5 above expectations (55) in February.

USDINR

USDINR traded towards lower levels since the beginning of the session and closed on a negative note.If the pair surpasses the major support of 66.8500 then it may further drag towards deeper support levels whereas 67.2000 is seen as good resistance.

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EURINR

EURINR opened gap down and sustained at lower levels for the entire session to close below the previous close.
On daily chart, the reversal candlestick so formed in the previous session resulted in sell offs which may continue below 71.0000 mark.

2

GBPINR

GBPINR gained momentum in the later half from support levels and closed in green.Now, 83.1800 is seen as key support on daily chart surpassing which can further weaken the pair while 84.0000-84.2000 is seen as important resistance range from current levels.

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JPYINR

JPYINR washed off all the gains so made in the previous session and closed on weak note.Strength may continue till it sustains above the important support of 59.0000 whereas 59.5000 is marked as strict resistance for the pair.

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