Market Outlook

Against the US dollar, the Indian Rupee strengthen by 29 paise to open at 71.1975 and throughout the day hovered in the range of 71.4150 and 71.1500 against the US dollar on increased selling of the American currency by exporters and banks amid a positive opening of the domestic equity markets.

On the other hand, dollar held near 3 week high, after the Bank of Japan left monetary policy unchanged, boosting risk appetite and sending the yen lower.

 

Fundamental News

  • The New Zealand dollar rose against all major currencies after inflation data came in at the upper end of expectations.
  • Japan’s December exports had their largest on-year fall in more than two years on a sharp drop in demand from China, sending Japan’s trade balance in 2018 into the first deficit in three years.

USDINR after negative opening showed correction closed with loss.

If currency pair able to sustain on higher levels in upcoming session then continue bullish movements towards 71.7000 mark.

EURINR showed sideways movements throughout the session closed with negative bias.

Currency pair found strong support around 81.0000 mark sustaining above this give strength to it and find resistance near 81.5000.

GBPINR showed positive movements and closed around psychological level.

93.0000 is seen as immediate resistance zone for the currency pair opening above this may take it towards next resistance level of 93.5000.

JPYINR after bearish opening showed sideways movements closed with negative note.

Now, 65.0000 is crucial level for the currency below this mark it may continue bearish movements towards 64.5000. On higher side 65.5000 is act as resistance.

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