Market Outlook

In early trade, rupee opened on flat to positive note at 69.1775 and throughout the day hovered in the range of 69.1975 and 68.8000 against the US dollar, driven by weakening of the greenback in overseas markets and sustained foreign inflows. Moreover, positive opening in domestic equities supported the rupee. On the flip side, dollar strengthened against the yen but fell against the Aussie and kiwi after fresh reports alleging progress in trade talks between the U.S. and China.

Fundamental News

  • US dollar slips back on positive risk as trade talk’s progress.
  •  Pound Jumps on May’s Brexit Gamble; Service PMIs Eyed.
  • UK business activity declines for the first time in more than two-and-a-half years.
  • China Caixin services PMI hits 14-month high in March due to stronger demand.

USDINR

USDINR after correction unable to sustain on higher levels closed around its support. 68.8000 is seen as immediate support level for the currency pair if able to sustain below it then 68.4000 is act as next support for it.

EURINR

EURINR found support on lower levels showed correction closed with flat note. If able to sustain above its support of 77.4000 in upcoming session then currency pair shows positive movements towards resistance of 78.3000.

GBPINR

GBPINR after positive movements found resistance on higher levels closed with gain. Currency pair shows bearish movements if trades below its immediate support of 90.6500 and find next support around 90.3000.

JPYINR

JPYINR showed sideways to bearish movements closed with negative bias. Now, sustaining below 62.0000 mark currency pair shows more negative movements towards its support zone of 61.5000.

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