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Market Outlook

The Rupee opened nearly 3 paise down at 66.95 against dollar today on account of selling of American currency by banks and exporters.
The euro fell below $1.05 for the first time in six weeks on Wednesday, hit by a combination of concern over France’s presidential election campaign and growing expectations for a rise in U.S. interest rates.
The dollar lost ground in Asian trading today as investors awaited the minutes of the Federal Reserve’s meeting for clues for interest rate hikes, while Europe’s political woes kept a bruised euro under pressure.

Fundamental News

•    United Kingdom Index of Services (3M/3M) meets forecasts (0.8%) in December.
•    Italy Consumer Price Index (EU Norm) (MoM) above forecasts (-2%) in January: Actual (-1.7%).
•    Germany IFO – Expectations came in at 104, above expectations (103) in February.

USDINR

USDINR traded on lower levels and corrected on higher side in the later half to close on a flat note.
On daily chart, 66.8650 is seen as strong support for the currency pair and any closing below it can further drag it whereas 67.2000 may act as immediate resistance.

1

EURINR

EURINR opened with a large gap on daily chart and surpassed the key support.
Closing below the key support indicates that bears may further extend to drag the pair towards next near support of 70.0000 whereas 70.6000 is seen as immediate resistance.

2

GBPINR

GBPINR consolidated in the same range as of previous sessions on daily chart and closed on a flat note.
The trend of the counter seems to be sideways to bearish; hence, sell offs could increase below the immediate support of 83.1800 while 84.2000 is seen as resistance.

3

JPYINR

JPYINR opened gap down but gained momentum in the later half to close the session on a flat to positive note.
On daily chart, mark of 59.0000 is acting as important support sustaining below which can be a weak signal while it is expected to test the higher resistance of 59.5500.

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