Market Outlook

Daily Market Reflection  16th April 2019

Against the US dollar, the Indian rupee depreciated by 5 paise to open at 69.2975 on increased demand for the greenback from importers and banks. Moreover, strengthening of the American currency in the overseas market weighed on the domestic unit. On the economic front, India’s industrial production (base year 2011-12=100) growth moderated sharply to 20-month low of mere 0.1% in February 2019, compared with 1.4% growth recorded in January 2019.

Fundamental News

  • The Canadian Dollar fell against all of its major counterparts as markets eyed a provincial election in Alberta,
  • S. Softens demands for China to reduce state industrial subsidies as condition for trade deal.
  • Kiwi strongest amid Asia risk-on; a light calendar
  • Yen near this year’s lows, franc soft on rising risk

USDINR

after opening on a flat note showed up move and closed with gains.

If it sustains above 69.5000 then it may show further bulls which may carry it towards next resistance of 69.8000 while 69.2500 is seen as support.

EURINR

continued the strength in the prevuious session traded near the resistance levels on daily chart.

Now, 79.0000 is seen as immediate resistance for the currency pair whereas 78.4000-78.2000 is seen as support range.

GBPINR

continued the positive momentum for the second consecutive session and closed in green.
Strength can be seen till it sustains above the mark of 91.0000 and carry the bulls towards higher resistance of 91.5000 while 90.5000 is seen as support.

JPYINR

sustained above the previous close and closed on a flat to positive note.
Weakness may be seen if it sustains below the mark of 62.0000 while 62.5000 is seen as resistance.

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