Market Outlook

The rupee opened down by 11 paise at 64.90 per dollar today versus previous close 64.79.Pramit Brahmbhatt said that “Rupee will trade with a negative sentiment on back of stronger USD as well as weak the domestic equity market. 64.80 is the immediate support for the rupee and more negative movement can be seen beyond the support.” The US dollar made top to a six-year high as it extends the rebound from a three-year low helped by rising treasury yields and profit-booking by forex traders.

Fundamental News

  • United Kingdom ILO Unemployment Rate (3M) registered at 4.4% above expectations (4.3%) in December.
  • European Monetary Union Markit Services PMI registered at 56.7, below expectations (57.6) in February.
  • Germany Markit Manufacturing PMI came in at 60.3 below forecasts (60.6) in February.5 6

USDINR

USDINR pair moved under tight range throughout the day and closed the day with flat note. Now, it has important resistance level of 65.0000  above this it can move towards next resistance level of 65.2000 where as 64.6000 is support level.

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EURINR

EURINR pair drag down from its higher level and settled the day with weak note. It has major support level of 79.6000 if it sustain below this mark then profit booking may be witness. On higher side 80.3000 is resistance mark.

2

GBPINR

GBPINR pair unable to hold its higher level and settled the session with negative sentiment. For upcoming session if it sustain below its major support level of 90.1000 then more correction can be seen, where as 90.7000 is resistance level.

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JPYINR

JPYINR pair opened with gap down and bounced back from its lower level, closed near to its days high. For upcoming session if it manages to hold above 60.4000 then movement can be seen towards next resistance level of 60.6000. On downside 60.0000 is support level.

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