Market Outlook

The rupee on Thursday opened 3 paise higher at 67.44 against the dollar after the US Federal Reserve kept key interest rates unchanged amid selling of the American currency by banks and exporters.
The dollar slipped to its lowest levels since mid-November on Thursday after the Federal Reserve disappointed investors hoping for a more hawkish policy stance.
The yen extended gains and touched its session high as the 10-year Japanese govt. bond yield rose to 0.115% its highest since January 2016.

Fundamental News

•    United Kingdom PMI Construction below expectations (53.8) in January: Actual (52.2).
•    Spain Unemployment Change came in at 57.3K below forecasts (60.2K) in January.
•    Switzerland Real Retail Sales (YoY) registered at -3.5%, below expectations (0.5%) in December.


USDINR extended the bears after it broke the major support on daily chart.If the bearishness of the currency pair continues then 67.4000 will be seen as immediate support whereas 67.7000 as resistance.



EURINR traded in the same range as it is moving in last few sessions and closed the session in red.If it drops from current levels then 72.8000 is seen as good support surpassing which may further extend bears. On higher side, 73.3000 may act as resisatnce.



GBPINR extended the pull back so shown in the last session by the currency pair. Now, the major resistance on daily chart so seen ahead is 86.2000 from where corrections on lower side are expected while 85.0000-84.5000 is seen as support range.



JPYINR maintained the positive sentiments so seen in previous sessions and closed on a strong note.Strength can be seen till it sustains above 60.0000 and may lead towards the immediate resistance of 60.3000. On lower side, 59.7000 will continue to act as support.


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