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Market Outlook

The Rupee’s sharpest rally in almost a year is giving India’s central bank scope to take out an insurance policy for what could be a tumultuous 2017.

China’s yuan weakened against the dollar on Tuesday as the greenback hovered near a four-week high against a basket of currencies.

Fundamental News

The dollar fall from recent highs against major currencies but traders expect it will resume its upward trend on the back of Federal Reserve rate hike expectations and US president’s upcoming tax reform plan

  • European Monetary Union ZEW Survey – Economic Sentiment came in at 17.1 below forecasts (22.3) in February.
  • Greece Gross Domestic Product n.s.a (YoY) came in at 0.3%, below expectations (0.9%) in 4Q.
  • Portugal Gross Domestic Product (QoQ) above forecasts (0.5%) in 4Q: Actual (0.6%).

USDINR

USDINR moved in a tight range for the entire session and closed in red territory.

Positive movement can be seen if it hikes above the level of 67.1500 and may lead higher whereas 66.8500 will continue to act as important support mark.

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EURINR

EURINR hovered around the support levels for the whole session and close on a weak note.

Bearishness may continue if the currency pair maintains below 71.2000 while on higher side, 71.6000 is seen as immediate resistance for it.

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GBPINR

GBPINR was trading at higher levels but showed sharp downfall in the second half to close in red.

If the pair surpasses the immediate support of 83.4800 then selling pressure for the counter may increase while 84.0000-84.2000 may act as resistance range.

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JPYINR

JPYINR tried to continue the pull back so observed in the last session and closed on a positive note.

On daily chart, stiff resistance so seen is of 59.4000 from where reversal can be seen in the counter. On lower side, 59.0000-58.8000 may act as support range.

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