Market Outlook

The rupee pared its initial losses, but traded lower by 23 paise against the US dollar on sustained bouts of the American currency’s demand from importers and banks amid higher dollar overseas. The rupee opened lower at 65.06 as against yesterday’s close of 64.76 at the inter-bank foreign exchange here. The trader sentiment was also spooked by the US Federal Reserve’s policy meeting which indicated aggressive policy stance in months to come. Adding to it, the recent fraud scam in Indian banking sector took a toll on the rupee movement.

Fundamental News

  • Germany IFO – Business Climate below expectations (117) in February: Actual (115.4).
  • Italy Industrial Sales s.a. (MoM) climbed from previous 1.3% to 2.5% in December
  • Kingdom Gross Domestic Product (YoY) below expectations (1.5%) in 4Q: Actual (1.4%).

5 6

USDINR

USDIR pair opened with gap up and hovered near to its resistance level, closed with gain. It has major resistance level of 65.2000 above this mark it may continue its northward journey towards next resistance level of 65.4000, where as 64.7000 is support level.

1

EURINR

EURINR recovered from its lower level and closed with positive note. Now, it has psychological resistance level of 80.0000 above this mark it can continue its upside movement, on down ward side it has 79.6000.

2

GBPINR

GBPINR pair drag down from its higher level and closed the session with flat note. This pair has crucial support level of 90.1000 below this mark correction towards next support level can be seen, on higher side 90.6000 is resistance level.

3

JPYINR

JPYINR pair has continued its upside movement and closed with gain. For upcoming session if it break and hold its immediate resistance level of 60.7000 then more upside movement may witness, 60.2000 is support level.

4

(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Your email address will not be published.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 *