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Market Outlook

The Rupee extended their gains for the third consecutive session on Wednesday and opened nearly 4 paise higher at 66.63 against dollar on account of continued selling of the American currency by banks and exporters.
The Euro strengthened in early European trading Wednesday after data showed German industrial production, which makes up 30% of the Euro-Zone’s largest economy, grew at its quickest pace in January since August last year.

Fundamental News

•    Switzerland Consumer Price Index (YoY) increased to 0.5% in February from previous 0.3%.
•    China Trade Balance USD declined to $25.75B from $51.4B.
•    Spain Industrial Output Cal Adjusted (YoY) above expectations (2.4%) in January: Actual (2.5%).
•    China Exports (YoY) dipped from previous 7.9% to -1.3%.

USDINR

USDINR hovered in the same range as of previous session and closed on a flat to positive note.
Bears may continue to prevail till it sustains below the mark of 67.0000 whereas 66.7500 might act as immediate support for the currency pair.

1

EURINR

EURINR continued the weak trend for the second consecutive session on daily chart.
Now, the nearest support so seen is of 70.5000 while 71.0000-71.1000 is expected to continue as its resistance range.

2

GBPINR

GBPINR extended the bears below the key support levels on daily chart and closed on weak note.
The currency pair took major support around 81.3000 surpassing which will result in further downfall. On higher side, 81.7000-82.0000 may continue to act as resistance range

3

JPYINR

JPYINR was unable to show any major move and closed on a flat to negative note.
If the pair falls then 58.5000 will continue to act as its important support. Moving northwards will find 59.0000 as its key resistance.

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