Market Outlook

In a choppy trading session, the rupee opened at 71.7200 and throughout the day traded in the range of 71.9225 and 71.4200 against the dollar. Moreover, positive opening in domestic equities, fresh foreign fund inflows and easing crude prices, however, capped losses for the domestic unit. On the flip side, dollar rose slightly against its major Asian peers while the euro has lost around 1.3 percent over the last week as investors bet the European Central Bank will keep monetary policy accommodative on weaker-than-expected growth and low inflation.

Fundamental News

• India RBI Interest Rate Decision (Repo Rate) came in at 6.25% below forecasts 6.5%.
• The kiwi dollar tumbled over 1%, after a raft of weak economic data that prompted speculation about future interest rate cuts.
• Sterling shade lower ahead of Bank of England policy meeting.

USDINR after positive opening unable to sustain on higher levels showed correction closed with negative note.
If able to sustain below its immediate support of 71.3000 it may shows more negative movements and find next support around 71.0000.

EURINR showed bearish movements throughout the session closed around its support.
Psychological level of 81.0000 is seen as support for the currency pair breakout below which may drag it towards 80.7000 mark.

GBPINR showed negative movements and closed with bearish note.
Currency pair may shows more negative movements towards 92.0000 level and find support around it and if correction occurs then 93.0000 is act as strong resistance.

JPYINR after breakout of support zone showed sideways movements closed with loss.
65.0000 level is seen as immediate support sustaining below this mark it may continue bearish movements and find support near 64.8000.

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