Market Outlook

Against the US dollar, the Indian Rupee depreciated by 5 paise to open at 71.7500 amid rising demand for the US dollar vis-a-vis other currencies overseas. The drone attacks on Saudi Arabia’s oil facilities have enthused demand for safe heaven assets like the US dollar. Moreover, weak opening in domestic equities and unabated foreign fund outflows also weighed on the domestic currency. The dollar was mostly higher in as fears of a sustained spike in oil prices and conflict in the Persian Gulf undercut risk assets policy.

Fundamental News

  • Asian stocks alternate gains with losses amid mixed trade/geopolitical headlines.
  •  Dollar holds firmer amid risk-off mood, as Oil falls on Mid-East risks.
  • Swiss government slashes 2019 growth forecast to 0.8% vs. 1.2% previous.
  • Bank Indonesia seen cutting rates again on Thursday.

USDINR

USDINR after positive movements found resistance closed around its support. If able to sustain on lower levels then currency pair shows correction towards its immediate support of 71.7000 below which it is more bearish.

EURINR

EURINR unable to sustain on lower levels closed with partial gain. Currency pair continue its bearish movements if able to sustain below support zone of 79.0000 and find next support around 78.7000.

 

GBPINR

GBPINR showed sideways to bullish movements closed around its resistance. Now, 89.4000 is seen as immediate resistance zone for the currency pair breakout above this mark it may continue bullish movements.

JPYINR

JPYINR after correction found resistance and closed with partial loss. 66.3000 is act as strong support for the currency pair sustaining above this mark it may shows positive movements towards 67.0000.

 

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