Market Outlook

Indian rupee on Thursday strengthened against the US dollar taking cues from local equity markets as it gains for the fourth consecutive day as opened 14 paise higher at 64.49 against dollar on Thursday on account of selling of American currency by banks and exporters.
The dollar edged up to eight week high against the yen on Thursday in early Asian trading, as investors’ focus turned back to the strength of the economy and away from US politics. The yen had gained in the previous session after US President Donald Trump abruptly fired FBI Director James Comey.

Fundamental News

•    British Pound Dips On Weak UK Industrial Production Data.
•    Greece Unemployment Rate (MoM) dipped from previous 23.5% to 23.2% in February.
•    UK Total Trade Balance declined to £-4.9B in March from previous £-3.663B.


USDINR discontinued the previous day’s gains and slipped towards lower levels.
It shows that strength doesn’t exist in the currency pair as sell on rise is again witnessed in it. On further sell offs, 64.2000 is marked as key support.



EURINR opened gap down and fell sharply towards lower levels.
It needs to sustain above 70.5000 to strengthen again whereas 70.0000 is seen as critical mark for the pair which is acting as support.



GBPINR strictly resisted near the highs and dragged gradually during the entire session.
On daily chart, it closed below the trend line acting as support and so sell offs may further be seen towards the support of 82.7000.



JPYINR showed gap down opening and sustained on lower levels.
It surpassed the important support levels on daily chart and closing below it indicates further bears. Now, 56.0000 is seen as crucial psychological mark for the pair.


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