Market Outlook

The rupee showed its softer side on Tuesday by opening 11 paise down at 63.69 against the dollar after the Economic Survey said a pause in fiscal consolidation cannot be ruled out. The U.S. dollar erased gains against other major currencies, as investors were cautious ahead of the U.S. State of the Union speech due later in the day and the Federal Reserve’s monthly policy decision on Wednesday. The euro rose due to, buoyed by data showing that the euro zone economy recorded its strongest rate of annual growth since the global financial crisis in the fourth quarter.

Fundamental News

  • European Monetary Union Consumer Confidence in line with expectations (1.3) in January.
  • European Monetary Union Services Sentiment came in at 16.7, below expectations (18.6) in January.
  • United Kingdom M4 Money Supply (YoY) remains unchanged at 3.7% in December.

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USDINR

USDINR pair opened with strength but unable to hold its higher level and drag down, closed near to its day low. This pair has major resistance of 64.0000 if it manages to hold above this mark then more upside movement towards next resistance of 64.3000 seen, where as 63.6000 is support level.

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EURINR

EURINR pair has continued its upward journey and closed the session with good gain. It has resistance of 79.9000 above this it can follow its upside movement and test next resistance level of 80.2000. On downward side it has support of 79.0000.

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GBPINR

GBPINR pair has given recovery from its support level and settled with gain. For upcoming session if it manages to hold above 90.5000 mark then more northward journey may be witness, on lower level 89.5000 is support for it.

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JPYINR

JPYINR pair opened with gap up and followed its upside movement, closed the day with positive note. Now, 59.0000 is major resistance level above this breakout can be seen towards 59.4000, on downward side it has 58.6000 as an immediate support.

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