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Market Outlook

The rupee resumed lower at 67.10 as against the yesterday’s closing of 67.07 at the Interbank Foreign Exchange market and dropped further to 67.1525 on initial dollar demand from importers owing to higher crude oil prices in the global market.

The domestic currency recovered afterwards to 66.9850 on selling of the American currency by banks and exporters due to weakness of dollar in the global market before closing at 67.01, showing a gain of 6 paise, or 0.09 per cent.

Fundamental News

  • Colombia Trade Balance: $-486.9M (Dec) vs previous $-1.3M.
  • United States Baker Hughes US Oil Rig Count climbed from 591 to 597.
  • United States CB Leading Indicator (MoM) above expectations (0.5%) in January: Actual (0.6%).
  • Belgium Consumer Confidenc Index from dipped 0 to -2 in Feb.

USDINR

usd

USDINR traded in the same range as of previous session and closed on a flat note.

If the currency pair is able to sustain above the mark of 67.0000 then it may move towards the next resistance of 67.3000 whereas 66.8500 will continue to act as support.

EURINR

eur

EURINR showed gap up opening and closed above the previous closing.

It may immediate resistance in the range of 71.6000-71.8000. Any closing below 71.4000 can further drag the pair towards the major support of 71.0000.

GBPINR

gbp

GBPINR opened on flat note but soon dragged during the session to end on a weak note.

The pair again tested the support on daily charts and now any closing below the key support of 83.0000 can be a strong bearish signal while 83.5000 is seen as immediate resistance.

JPYINR

jpy

JPYINR surpassed the immediate resistance level and closed strongly above it.

Strength may continue if it sustains above 59.6000 and may lead towards the mark of 60.0000. On lower side, 59.1000 is seen as important support.

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