Market Outlook

The Indian rupee appreciated by 9 paise to open at 71.2500 against the US dollar mainly driven by weakening of the greenback in overseas markets after the US Fed kept interest rate unchanged. Beside this, fresh foreign fund inflows and positive opening in domestic bourses also bolstered the rupee up move. On the flip side, dollar extended losses against its major Asian peers, plumbing three-week lows after the Federal Reserve dialed back its predictions of future rate hikes this year, amid increasing uncertainty over the global economic outlook.

Fundamental News

• Seasonally adjusted GDP rose by 0.2% in the euro area (EA19) and by 0.3% in the EU28 during the fourth quarter of 2018, compared with the previous quarter.
• Germany’s unemployment figure dropped at less-than-expected at the start of the year, while the jobless rate held steady at a record low.

USDINR after negative opening showed correction closed with partial loss.
Now, 71.5000 is seen as resistance zone for the currency pair sustaining above it may continue bullish movements and find resistance near 71.7000.

EURINR showed sideways to bullish movements and closed with positive bias.
If able to continue bullish movements in upcoming session it may find resistance around 82.5000. On lower levels 81.7000 is act as support for it.

GBPINR showed sideways movements throughout the session closed with flat note.
94.0000 mark is act as strong resistnace level for the currency pair breakout above this it may continue bullish movements. On downward side 93.3000 is act as immediate support.

JPYINR showed positive movements and closed around its resistance zone.
Currency pair shows more positive rally if able to sustain above its immediate resistance of 65.8000 and find next resistance near 66.0000.

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