Market Outlook

The Rupee opened up by 5 paisa, made a high of 64.9625 in early trade and hovering in the range of 10 paisa between 65.1350 to 64.9625 during trading hours against the dollar selling by banks and exporters, amid firm domestic equities.The currency of Iran plumbed another record low against the USD today as people lined up outside exchange houses in Tehran to buy the greenback, adding to the Islamic Republic’s economic pressures.

Fundamental News

  • Manufacturing Production Index (YoY) of South Africa below expectations (2.6%) in February: Actual (0.6%).
  • Industrial Output s.a. (MoM)of Italy registered at -0.5%, below expectations (0.8%) in February.
  • Trade Balance of Austria increased to €-217.5M in January from previous €-746M.

USDINR

USDINR showed recovery after negative opening and closed with partial loss. 65.0000 is act as strong support zone for the currency pair continuously gave closing above it suggesting some strength in it towards resistance level of 65.3000.

EURINR

EURINR open with positive bias and showed bullish movements throughout the session. As currency sustain above its support mark more positive movements were expected in it and may find resistance near 80.5000.

GBPINR

GBPINR closed with positive bias above its resistance level on daily charts. If able to sustain above 92.0000 marks then it will continue bullish rally towards next resistance level of 92.5000. On lower levels 91.8000 is support for it.

JPYINR

JPYINR opened with negative bias but unable to sustain on lower levels closed with partial gain. Currency found strong support on lower levels showed pull from it and form consolidation around its resistance may continue positive movements towards 61.2000 levels.

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