Market Outlook

Rupee on Wednesday got a sinking feeling on fiscal slippage worries and Fed chief Jerome Powell’s commentary as rupee opened 22 paise lower at 65.10 against the dollar. Govt. will announce data on 3rd quarter of GDP after market hours today.

Dollar stood near a three-week high against a basket of currencies today, after Federal Reserve Chairman Jerome Powell’s upbeat views on the economy bolstered bets on further Fed interest rate hikes this year.against the USD.”

Fundamental News

  • Greece Producer Price Index (YoY) declined to 1.9% in January from previous 2.1%.
  • Italy Consumer Price Index (EU Norm) (YoY) below expectations (1%) in February: Actual (0.7%).
  • India Federal Fiscal Deficit, INR: 6765.59B (January) vs 6209.49B.

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USDINR

USDINR pair opened with gap up and continued its upward journey, closed with gain. This pair has major resistance of 65.5000 above this mark more upside movement can be seen, whereas 65.0000 is psychological support level.

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EURINR

EURINR pair has unable to hold its higher level and came down, closed with loss. It has crucial support of 79.7000 below this mark more correction can be seen towards next support level, whereas 80.2000 is resistance level.

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GBPINR

GBPINR pair drags down from its upper level and settled the day near to its day low. Now, it has crucial support of 90.5000 below this mark more correction can be seen towards next support level, whereas 91.2000 is resistance level.

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JPYINR

JPYINR pair witnessed the upside movement and closed the day with positive note. For upcoming session if it manages to hold its immediate resistance level of 61.2000 then more upside movement can be seen, on downward side it has crucial support of 60.8000.

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