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Market Outlook

Indian Rupee appreciated in the early trades on Tuesday and sustained higher after the RBI kept the benchmark Repo rate unchanged @ 6.5% and other key rates like CRR, SLR are also kept unchanged. However, it warned that inflation risks were on upside even it retained inflation targets set out in Aril policy.

The dollar edged up but still wallowed close to four-week lows against a basket of currencies, after Federal Reserve Chair Janet Yellen’s remarks failed to toss a lifebuoy to the recently foundering greenback.

Fundamental News

  • RBI Credit Policy: RBI keeps key rates unchanged, says inflation risks have gone up.
  • Yellen caution pushes Asia FX higher but sliding yuan limits gains.
  • Australian dollar jumps 1 pct after shift in tone from RBA.

USDINR

USDINR opened gap down and sustained on lower side on back of appreciation of Rupee after the RBI kept the key rates unchanged.

It closed below 100 day EMA and may fall towards 66.8000 whereas 67.2000 is seen as stiff resistance.

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EURINR

EURINR opened flat and traded n lower levels as per the closing of previous session.

Strength is expected if the pair holds above the immediate resistance of 76.4000 on daily charts while any closing below 76.0000 can be a weak sign for it.

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GBPINR

GBPINR showed spike in its trade early morning and maintained at higher levels for the entire session.

On daily charts, holding above 98.2000 can up lift the counter while 100 day EMA of 97.3500 is seen as nearest and key support for it.

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JPYINR

JPYINR opened gap down after the previous day’s hike and closed in red territory.

Strength can be recognized in the counter till it sustains above the level of 62.0000 while any closing around 61.8000 may indicate weakness.

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