Market Outlook

Against the US dollar, the Indian rupee depreciated by 5 paise to open at 69.7000 and throughout the day hovered in the range of 69.8350 and 69.3600 on increased demand for the greenback from importers and banks and rising crude oil prices.  However, sustained foreign fund inflows and higher opening in domestic equities supported the rupee and restricted the fall. On the flip side, the dollar remained steady after falling to a two-week low earlier after data showed U.S. producer prices rose at a slower-than-expected pace in February.

Fundamental News

  • China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years
  • Japan may cut economic view as China slowdown hits growth
  • Pound Falls after Lawmakers Vote against No-Deal Brexit.
  • The Australian dollar slipped as a largely lackluster batch of economic data from the country’s major trading partner China weighed.

USDINR

USDINR after positive opening unable to sustain on higher levels closed with loss.Now, 69.2000 is seen as immediate support for the currency pair sustaining below this mark it may shows more bearish movements.

EURINR

EURINR found resistance on higher levels showed correction closed around its support.Sustaining above support of 78.5000 may give strength to particular currency pair and shows positive rally towards 79.0000.

GBPINR

GBPINR showed bullish movements unable to sustain and closed with partial gain.If able to sustain above resistance of 92.0000 in upcoming session then continue positive movements and find next resistance around 92.5000.

JPYINR

JPYINR showed bearish movements throughout the session closed with negative bias.Currency pair continue its bearish rally if able to sustain below its immediate support and drag towards its psychological level of 62.0000.

(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Your email address will not be published.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 *