Market Outlook

Against the US dollar, the Indian rupee opened flat at 70.1425 and throughout the day traded in the range of 70.4000 and 69.9375, on increased demand for the greenback from importers and banks amid lower opening of domestic equities. However, fresh foreign fund inflows and easing crude prices supported the rupee and restricted the fall. On the flip side, dollar was weak against major Asian peers while markets will look to the monthly U.S. payrolls report, for reassurance that all three of the world’s biggest economic blocs aren’t stagnating at the same time.

Fundamental News

  • Greece Industrial Production (YoY) increased to 3.4% in January from previous 1.1%.
  • ECB President Mario Draghi said the central bank cut its growth estimate to 1.1%, down from a 1.7% expansion forecast released in December.
  • Euro Bounces off 21-Month Lows after Grim ECB Meeting.

 

USDINR

USDINR opened with positive bias after correction found support closed with partial gain.Currency pair unable to sustain below psychological level of 70.0000, if continue positive movements in upcoming session then find resistance around 70.7000.

 

EURINR

EURINR after negative opening showed correction closed with loss. If able to sustain above 79.0000 level then shows positive rally towards its next resistance zone of 79.5000. On lower levels 78.5000 is strong support for it.

GBPINR

GBPINR after correction unable to sustain on higher levels showed bearish movements closed with negative note.

Sustaining above 92.0000 mark in upcoming session shows bullish movements and find resistance near 92.5000 above which it is more bullish.

JPYINR

JPYINR found support on lower levels showed positive movements closed around its resistance. Immediate resistance for the currency pair is seen around 63.4000 breakout above this level shows positive movements and find next resistance around 63.8000.

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