Market Outlook

The domestic unit opened at 63.90 at the interbank foreign exchange market today. It hovered in a range of 63.90 and 63.74, before quoting at 63.81, up 6 paise at 4.35 pm local time. Dollar edged higher as some investors judged that its recent decline to a three-year low may be coming to a close amid growing concern over the US stance on global trade. Donald Trump imposed import tariffs on washing machines and solar panels, putting a cloud over global trade at a time when its revival has fuelled hopes for a stronger world economy.

Fundamental News

  • Brazil Mid-month Inflation came in at 0.39%, below expectations (0.44%) in January.
  • European Monetary Union ZEW Survey – Economic Sentiment registered at 31.8 above expectations (29.7) in January.
  • Germany ZEW Survey – Current Situation came in at 95.2, above forecasts (89.8) in January.

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USDINR

USDINR pair has moved under tight range through out the day and closed session with weak note. It has crucial support of 63.7000 below this some correction can be expected towards next support level, where as 64.0000 is psychological resistance level.

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EURINR

EURINR pair was unable to hold its resistance level and drags down, settled the session with loss. This pair has 78.5000 as a major resistance level above this breakout can be witness towards next resistance level of 78.9000. On southern side 77.8000 is crucial support level.

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GBPINR

GBPINR pair started with strongly bullish note but not managed its higher level and came down, closed with gain. Now, it has major resistance of 89.3000 above this mark more upside movement can be witness, where as 88.6000 is crucial support level below this profit booking can be seen.

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JPYINR

JPYINR pair has given good recovery from its lower level after sharp fall, closed the session near to its day high. This pair has immediate resistance of 57.9000 above this good breakout can be seen towards next resistance level. On downward side it has support level of 57.3000.

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