Market Outlook

Against the US dollar, the Indian rupee depreciated by 8 paise to open at 71.4125 amid rising crude oil prices and strengthening of the American currency. However, fresh foreign fund inflows and positive opening in domestic equities capped the losses for the domestic unit.On the flip side, dollar slid against major Aisan peers ahead of the Federal Reserve’s policy decision, while the pound steadied after sliding in the previous session amid fresh concerns over the prospect of a no-deal Brexit.

Fundamental News

• Brazil Inflation Index/IGP-M increased to 0.01% in January from previous -1.08%.
• Greece Producer Price Index (YoY) fell from previous 2.9% to -0.1%.
• UK M4 Money Supply (YoY) climbed from previous 0.8% to 2% in November.

USDINR after positive opening showed correction closed with flat note.
Currency pair still looks bullish and continue positive movements towards its resistance zone of 71.7000. On lower levels 71.0000 is act as support for it.

EURINR showed correction and closed with partial loss around its support.
More correction can be seen in particular currency pair if break its immediate support and find next support around 81.3000 mark.

GBPINR after negative opening showed bearish movements closed with loss.
Sustaining below 93.5000 in upcoming session may drag it towards strong support of 93.0000, contrary it continue bullish rally and find resistance around 94.0000.

JPYINR found resistance on higher levels closed with flat note.
If continue correction phase then it may find strong support around 65.0000 below which it may drag towards next support of 64.8000.

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