Market Outlook

The Indian rupee appreciated by 23.50 paise to open at 70.1025 and throughout the day hovered in the range of 70.1900 and 69.8100 against the US dollar amid easing crude prices and weakening of the greenback vis-a-vis some currencies overseas. Moreover, selling of the American currency by exporters supported the rupee. Besides, the decline in Brent crude oil prices from a six-month high of $75.60/barrel, also supported investor sentiment in the forex market. The currency market will shut on Wednesday on account of Maharashtra Day.

Fundamental News

  • The Spanish GDP registers a growth of 0.7% in the first quarter of 2019 to the previous quarter in terms of volume. This rate is one tenth higher than the registered in the fourth quarter.
  • French GDP rose by 0.3% in Q1 2019.
  • Euro points upwards as eurozone GDP beats estimate.
  • Aussie Dollar Falls on Weak China PMI Data; Yuan Edges Up.

USDINR

USDINR after negative opening showed bearish movements closed with loss. Currency pair continues its bearish movements if able to sustain below psychological level of 70.0000 and find support around 69.3000.

EURINR

EURINR unable to sustain on higher levels showed correction closed with partial loss. 78.5000 is act as immediate support for the currency pair sustaining below this mark it may drag towards next support of 78.0000.

GBPINR

GBPINR found support on lower levels showed bullish movements closed with partial gain. 91.2000 is act as strong resistance on higher levels breakout above this level it may continue positive movements and find resistance near 91.5000.

JPYINR

JPYINR after correction found resistance and closed around its support zone. Now, 62.7000 is seen as strong support for the currency pair sustaining above it may shows positive rally towards resistance zone of 63.3000.

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