Market Outlook

The Indian Rupee on Wednesday opened 5 paise higher at 71.29 against the US dollar.  On the domestic front, rally in global crude oil prices has also weighed on the overall market sentiment.

The dollar fell against its major crosses after the US President proposed a 60-day extension beyond the March 1st deadline. If both countries fail to strike a deal, it will turn the market more risk-averse and trigger a sharp sell-off in risky assets.

Fundamental News

  • US dollar struggles ahead of Fed minutes, but gains on the yen.
  • German Producer prices in January 2019: +2.6% on January 2018.
  • Asian currencies strengthened against the dollar on Wednesday as hopes for a Sino-U.S. trade deal continued to build.

USDINR showed negative movements throughout the session closed around its day low.
Now, 71.0000 is seen as immediate support for the currency pair sustaining below this mark it may shows more bearish movements.

EURINR found resistance on higher levels showed correction closed with loss.
If continue bearish movements then 80.5000 is act as support below which it may drag towards next support level of 80.2000.

GBPINR unable to sustain on higher levels showed negative movements closed with gain.
Above 92.5000 currency pair is in bullish zone, may shows positive movements if able to break its resistance level of 93.0000.

JPYINR after negative opening showed sideways to bearish movements closed around support.
Currency pair continue its negative rally if sustain below its immediate support of 64.2500 and find next support around 64.0000.

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