Market Outlook

Indian Rupee on Wednesday opened 9 paise down at 69.05 against the US dollar on account of some demand for greenback from importers. The local currency also came under pressure due to rising crude prices and caution ahead of the outcome of the Federal Open Market Committee (FOMC) meeting.  In the recent past consistent FII inflows kept the rupee higher against the US dollar. FIIs on Tuesday poured in another $500million in equity and debt segment.

Fundamental News

  • Dollar gains on trade war jitters before Fed.
  • Asian currencies soften after China data, baht leads losses.
  • UK house prices grew by 1.7% in the year to January 2019.
  • Consumer price inflation, UK was 1.8% in February 2019.
  • Japan Cabinet Office Releases Monthly Economic Report, Downgrades Assessment for March.

USDINR

USDINR after positive opening unable to sustain on higher levels closed with loss. Currency pair found resistance above 69.0000 mark if able to sustain below it then continue bearish movements towards 68.5000.

EURINR

EURINR opened with partial gain found resistance and closed around its support. 78.0000 is seen as strong support zone for the currency pair opening below this mark it may shows more negative movements.

GBPINR

GBPINR opened with partial loss showed negative movements closed with bearish note. Now, 91.0000 is seen as immediate support for the currency pair sustaining below which it may drag towards next support of 90.5000.

JPYINR

JPYINR after negative opening showed bearish movements closed with loss. Sustaining below 62.0000 mark shows more negative rally in particular currency pair and find next support around 61.3000.

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