Market Outlook

Against the US dollar, the India rupee depricated by 19 paise to open at 71.6500 and throughout the day hovered in the range of 72.0300 and 71.6100, ahead of the Reserve Bank of India’s policy review meet and a lower opening in the domestic equity markets. Against major Asian peers, the dollar rose to one-week highs, as strong employment and factory data underpinned demand for the greenback, but the Federal Reserve’s more cautious stance on monetary policy looked likely to hold gains in check.

Fundamental News

  • Spain Unemployment Change registered at 83.5K above expectations 60.3K in January.
  • Brazil Trade Balance came in at 2.19B below forecasts 3.4B in January.
  • Turkey Producer Price Index (MoM) climbed from previous -2.22% to 0.45% in January.

USDINR open with positive bias showed bullish movements closed with gain.
Sustaining above 72.0000 mark in upcoming session give strength to particular currency pair and find resistance around 72.5000.

EURINR showed sideways to positive movements closed with positive note.
82.3000 is act as strong support zone for the currency pair sustaining above it continue bullish movements towards 83.0000 mark.

GBPINR showed volatile session able to sustain on higher levels closed with positive bias.
Psychological level of 94.0000 is crucial level for the currency pair above this it may find resistance near 94.5000 contrary drags towards 93.5000 level.

JPYINR after negative opening found support on lower levels closed with partial loss.
If able to sustain on higher levels and break its resistance then it may find next resistance around 66.0000. On lower levels 65.3000 is strong support for it.

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