On Tuesday, the Indian rupee moved down by 0.41% to close at 54.095 against USD, taking cues from weak euro currency. The Japanese small business confidence has improved from prior figure, Asian equities ended on weak note though. The similar trend had followed by domestic indices, SENSEX fell by 1.64% to close at 19015.14 and NIFTY weighed down by 1.60% to 5761.35. The European equities were ended on a weaker note on the back of uncertainty over Italy election. The similar trend had followed by euro to moved down by 0.02% to close at $1.3061. The US equities were ended on a strong note on the back of US Fed Chairman Ben Bernanke's assurances that a bond-buying stimulus program will remain in place. The Dollar index surged by 0.24% to close at 81.87. The bond yield moved up by 0.22% to close at 7.816 from last settled 7.799 after the RBI announced another round of bond purchase to ease tight cash conditions. India's central bank will buy up to Rs 100 billion ($1.9 billion) of federal government bonds on March 1 through open market operations, it said in a release on Monday.
Outlook:
This morning Asian equities are trading on mix note and shared currency euro ended flat yesterday after US Fed Chairman Ben Bernanke's assurances that a bond-buying stimulus program will remain in place and today it is trading marginally weak around $1.3046, down by 0.11%. On the economic front, the key data to watch out from euro area are Consumer Confidence, Services Confidence, Industrial Confidence and Economic Confidence. The data are likely to improve and that may limit the losses in shared currency. The US will release mortgage application and durable goods which are expected to decline and may restrict the gains in USD. Overall we expect rupee to open on a weak note tracking gains in dollar and thereafter it may take further cues from domestic markets which tumbled more than one and half percent in the yesterday's session and overall we expect markets may remain volatile ahead of tomorrow's budget development.
USDINR Spot:
USDINR remained on a mixed on Tuesday and finally settled on positive note gaining 0.42%. Pair resumed higher on Tuesday and settled above the major moving averages (8, 21 & 34). Momentum indicator RSI-14 is also tending towards upside suggesting potential in the pair to edge higher. By going through the above observations we expect USDINR to extend its gains and we recommend buying on dips for the day.
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