Market Outlook

Against the US dollar, the Indian rupee opened weak by 10 paise at 71.3200 following sustained demand for the greenback from importers amid foreign fund outflow and rising global crude prices. On the other hand, dollar was edging higher against major Asian peers after weak Chinese inflation data overnight reinforced concerns about global growth. Moreover, Traders are waiting for results of a meeting on Friday between the Trump administration’s top two negotiators and Chinese President Xi Jinping in Beijing.

Fundamental News

  • China’s Consumer Price Index missed expectations in January coming in at 1.7 percent higher than a year ago.
  • Singapore Gross Domestic Product (QoQ) registered at 1.4%, below expectations 1.6% in 4Q.
  • South Korea Current Account Balance fell from previous 5.06B to 4.82B in January.

 

 

USDINR opened with positive bias and sustained on higher levels closing the session on positive note. Now, 71.0000 may act as the psychological support below which weakness can be seen whereas 71.5000-71.8000 will continue to act as resistance range.

EURINR continued the positive momentum so seen since the last two sessions and closed in green. If any correction is seen then it may find the strong support around 80.2000 while further gains may face resistance in range of 80.7000-81.0000.

GBPINR showed sideways movement during the entire session and henceforth, closed on a flat note. Constant resistance has been faced by the currency pair around 91.6000 sustaining above which positive breakout can be seen whereas 91.1000 is seen as major support for it.

 

JPYINR opened with positive bias and closed on positive note after sustaining on higher levels. Strict resistance seen ahead is of 65.0000 mark while any closing below the immediate support of 64.2000 can again reverse the trend for the currency pair.

(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Your email address will not be published.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 *