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Market Outlook

The Rupee opened today at 66.92 against dollar after Federal Reserve Chair Janet Yellen spoke in support of interest rate hike next month.

The local currency on Tuesday recovered by 9 paise to end at 66.93 against dollar on fresh selling of dollars by banks and exporters amid weakness in American currency in the overseas market.

China’s yuan weakened slightly against the dollar on Wednesday, but interbank money rates surged after the central bank drained funds for a third straight day in a further sign of policy tightening.

Fundamental News

  • European Monetary Union Trade Balance s.a. came in at €24.5B, above forecasts (€22.5B) in December.
  • Greece Consumer Price Index – Harmonized (YoY): 1.5% (January) vs 0.3%.
  • United Kingdom Claimant Count Rate: 2.1% (January) vs previous 2.3%.

USDINR

1

USDINR opened with negative bias and sustained on lower levels to close in red zone.

Bears may again attack the counter till it sustains below the mark of 67.0000 and 66.8000 is seen as immediate support whereas 67.2000 as resistance.

EURINR

3

EURINR further fell sharply during the session and closed on a negative note.

On daily chart, it closed around the support of 70.5500 and surpassing this crucial support can drag the pair on lower  levels whereas   71.0000 can now act as good resistance.

GBPINR

3 GBPINR gradually dragged throughout the session and breached the key support on daily chart.

Bearishness may continue if it sustains below the support of 83.5000 whereas 83.7000-84.0000 is seen as important resistance range.

JPYINR

5

JPYINR opened gap down against the previous close and closed with loss of approx 1%.

On daily chart, it closed below the support of 58.6300 and may further drop if it sustains below it. On higher side, 58.7000-59.0000 may act as resistance range.

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