Market Outlook

The rupee opened on a weak note and fell 12 paise to 71.6150 against the US dollar in early trade on Tuesday amid rising crude oil prices and unabated foreign fund outflows. Moreover, investors are awaiting government intervention to revive the slowing economy. There are expectations that the government would come out with sector-specific stimulus sometime soon. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 305.74 crore on Monday, according to provisional exchange data.

Fundamental News

  • Asian stocks make modest progress amid trade jitters, stimulus hope
  • Dollar near three-week peak as global stimulus talk lifts yields
  • Japan approves further exports of high-tech material to South Korea
  • China sets new 1-year loan prime rate at 4.25%
  • RBA minutes: AUD fall to support exports, tourism, Aussie unmoved

USDINR after positive opening showed bullish movements closed with gain. Now, 72.0000 is seen as strong resistance for the currency pair if shows positive movements then it may find resistance around it.

EURINR showed sideways to bullish movements closed with partial gain. Currency pair found resistance around 79.7000 if sustain below this mark it may shows correction towards support of 79.0000.

GBPINR found strong resistance on higher levels showed correction closed with flat note. On higher levels 87.0000 is act as resistance zone for the currency pair sustaining above this mark next resistance is seen around 87.2000.

JPYINR after breakout from its resistance showed bullish movements closed with positive bias. Immediate resistance for the currency pair is seen around 67.6000 breakout above this level it may shows bullish rally towards 68.0000.

 

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