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Market Outlook

The Rupee opened nearly 4 paise lower at 65.40 against dollar. The currency on Monday ended at a fresh 16-month high of 65.36 against the US currency. Reason for this prolonged surge could be attributed to the massive win by BJP in the recent state elections which have infused positive sentiments in the markets; leading to surge in foreign inflows.
The dollar was on the defensive in Asian trading on Tuesday, after Chicago Federal Reserve President Charles Evans reinforced the perception that the US central bank won’t accelerate the pace of its interest rate hikes.

Fundamental News

•    Dollar slips on doubts Fed will speed rate hikes, euro edges up.
•    Few Asian currencies slip as investors look for new positives after Fed hike.
•    UK Feb CPI jumps beyond expectations, highest since September 2013.
•    UK Consumer Price Index (YoY) came in at 2.3%, above expectations (2.1%) in February.

USDINR

USDINR again traded on lower levels and surpassed the immediate key support on daily chart.
If it sustains below this key support of 65.3000 then it may soon drop towards the lower level of 65.0000 whereas on higher side, 65.7000 may resist it to move higher.

1

EURINR

EURINR traded higher above the previous close and rose gradually during the session.
Now, it has been stuck into a range where 70.8500 may act as important resistance for the pair whereas 70.1000 as good support.

2

GBPINR

GBPINR sustained higher for the third successive session and closed on a positive note.
Now, any closing above the immediate resistance of 81.6000 can further head the pair higher whereas 81.0000-80.7000 is seen as support range.

3

JPYINR

JPYINR opened on a flat note but gained momentum from support levels and closed in green territory.
Major support from current levels is seen around 57.6000 and buy on dips are expected in the counter. On higher side, 58.3000 might continue to act as good resistance.

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