Market Outlook

In early trade, the Indian rupee appreciated by 3 paise to open at 71.4975 and throughout the day hovered in the range of 71.5125 and 71.1000 against the US dollar on mild selling of the greenback by exporters and a higher opening in the domestic equity market. Moreover, unabated foreign fund inflows too supported the recovery in the Indian rupee. Meanwhile, the dollar rose from a three-week low overseas as market participants grew cautious about US-China trade talks.

Fundamental News

  • Japanese Yen rises as Trump-Kim Summit Ends abruptly.
  • Swiss franc leads gains on weak China data, trade talk fears.
  • French GDP rose by 0.3% in Q4 2018.
  • Spain Current Account Balance: €4.67B (December) vs €1.77B.
  • Turkey Foreign Arrivals dipped from previous 14.5% to 5.3% in January.

USDINR after negative opening showed bearish movements closed around its psychological level.

If able to sustain above 71.0000 mark in upcoming session then continue bullish movements towards its resistance of 71.5000.

EURINR showed sideways movements after negative opening closed around its support.

Sustaining above support zone of 81.0000 currency pair shows positive rally and find resistance around 81.5000 above this it is more bullish.

GBPINR opened with negative bias showed sideways movements closed around its day low.

Now, 94.5000 is seen as strong support zone for the currency pair if able to sustain above this mark continue bullish movements towards 95.0000.

JPYINR after correction found resistance on higher levels closed with negative bias.

Currency pair shows bearish movements if able to sustain below support of 64.0000 and drag towards next support zone of 63.7000.

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