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Market Outlook

The Indian rupee set a three-month peak and the Thai baht hovered at a four-month high on Monday, as investors looked to US President Donald Trump’s speech to Congress later this week for fresh catalysts.
Emerging Asian currencies such as the baht and Indian rupee held firm ahead of Trump’s speech to the joint session of Congress due on Tuesday. Trump will use the event to preview some elements of his sweeping plans to cut taxes for the middle class, simplify the tax system and make American companies more globally competitive.

Fundamental News

•    Dollar treads water as investors eye Trump speech.
•    China’s yuan falls, but fears of US trade war may cap depreciation.
•    European Monetary Union Economic Sentiment Indicator meets forecasts (108) in February.
•    Italy Trade Balance non-EU declined to €-0.89B in January.


USDINR opened on lower levels and sustained in the lower range for the entire session to close in red.
It again found support near 66.8500 on daily chart and any closing below it can result in more selling pressure whereas 67.2500 is seen as immediate resistance.



EURINR opened on lower note but gained certain momentum in the later half to close on flat to positive note.
The currency pair needs to sustain above the mark of 71.0000 to remain in positive momentum whereas 70.3500 may continue to act as major support.



GBPINR opened on a weak note and remained lower to close the session in red territory.The counter closed around the support mark and sustaining below it can further add to the weakness of the pair. On higher side, immediate resistance is seen near 83.5000.



JPYINR surpassed the immediate resistance level on daily chart and closed above it.Strength can be witnessed till it holds above 59.5500 on daily charts above which 59.8000-60.0000 is seen as resistance range. On lower side, 59.3000 is seen as support.


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