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Market Outlook

The Rupee extended its winning run in late morning trade as it was up by 47 paise at 65.22 on Thursday after the US Federal Reserve raised interest rates for the second time in three months. According to market experts, the expectation of rate hike was already factored in by markets.
The dollar nursed painful losses in Asia on Thursday while sovereign bonds savored their biggest rally in nine months after the Federal Reserve hiked interest rates, as expected, but signaled no pick-up in the pace of tightening.

Fundamental News

•    European Monetary Union Consumer Price Index – Core (MoM): 0.4% (February) vs -1.7%.
•    Switzerland SNB Interest Rate Decision meets forecasts- 0.75%.
•    Hong Kong SAR Unemployment rate: 3.3% (February).
•    Sweden Unemployment Rate rose from previous 7.3% to 7.4% in February.

USDINR

USDINR fell for the third consecutive session as seen on daily chart and closed below the previous close.
The support range so observed on daily chart lies in range of 65.3000-65.0000 whereas 66.0000 will continue to act as important resistance.

1

EURINR

EURINR inched higher after a short reversal candlestick in previous session.
Strength can be seen till the currency pair holds above the mark of 70.0000 and 70.8000 is seen as major resistance from current levels.

2

GBPINR

GBPINR sustained above the previous closing and hovered in the same range.
The pair took strong support around the mark of 80.0000 and heading higher can drift it towards the next key resistance of 81.0000.

3

JPYINR

JPYINR opened with positive bias and continued the bulls throughout the session.
Now, the psychological level ahead is 58.0000 and sustaining above it can further move the pair in north whereas 57.5000-57.1000 may act as important support range.

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