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1 8 March, 2018 FRO FROM RESEARCH DESK Currency Pair Close % Change Currency Pivot Levels OI % Change Prev. OI %Change R * Pivot S* USDINR EURINR GBPINR JPYINR Cross Currency Update Currency Pair Close % Change Dollar Index EURUSD GBPUSD JPYUSD USDINR 26 March, 2018 Expiry Option Update Options LTP %Chg OI %Chg OI CE CE CE CE PE PE PE PE Note: Previous day movement of Option, OI and IV is indicating negative move in USDINR. RBI Reference Rate (March 7, 2018) Seema Yadav Research Analyst Tel: seema.yadav@indianivesh.in 1 USD 1 GBP 1 EURO 100 YEN India Nivesh Securities Limited SEBI Registration No.INH & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai Tel: (022)

2 Technical View on Major Currency Pair USDINR ( March Future) Dollar/rupee ended at one-week low Wednesday on selling by exporters as greenback remained weak against other major currencies on concerns over a potential trade squabble led by US. The resignation of Cohn, a key advocate for free trade in the US government, triggering concerns that Washington may go ahead with import tariffs and risk a trade war. Technical, USDINR has stalled its recent bullish trend and retreated 0.17% at On the EOD chart, pair has breached its immediate support which creating probability for downside move towards and below. On the upside, strong resistance is seen at breaks above only will expect to test Recommendation: LTP Sell around Target Stop loss EURINR (March Future) Succinct Summary of Previous Day&Technical EUR/INR traded up Wednesday on global weakness in the greenback as investors turned cautious regarding possible trade war after US President's economic advisor resignation. Meanwhile, European Central Bank is scheduled to release its monetary policy on Thursday. Technical, EURINR retreated from the day high and settled at levels. Intraday price action resulted in formation of spinning top candle stick which creating probability for trend reversal. Next upside move could expect above Recommendation LTP Sell around Target Stop loss

3 GBPINR(March Future) Succinct Summary of Previous Day&Technical Pound/Rupee traded down Wednesday as investors booked their long term profits amid uncertainty over Brexit. Technical, GBPINR retreated from the day high and settled at On the EOD chart, pair found support above its previous day low and formed small bullish candle stick. On the upside, massive resistance is seen at above it only could test levels. Recommendation : LTP Buy around Target Stop loss JPYINR (March Future) Yen safe haven yen strengthened on Wednesday and the dollar sank to two week lows against a currency basket as the resignation of President Donald Trump s top economic advisor fueled fears over a looming trade war. Technical, JPYINR able to trade above its previous day close and settled at 61.63, up 0.31%. On the EOD chart, JPYINR trading on verge of its strong resistance which is coincided with 261.8% Fibonacci Retracement and pair would need to break above in order to test and above, else failure of the break may appears to take correction towards again. Recommendation/ View : LTP Sell around Stop loss Target

4 EURUSD (March Future) Euro/dollar traded up Wednesday on global weakness in the greenback as investors turned cautious regarding possible trade war after US President's economic advisor resignation. Technical, EURUSD remained slightly positive yesterday but after hitting day high retreated towards Intraday price action created a "long-tailed" doji candle which indicating indecision in the market ahead of the European Central Bank (ECB) rate decision. GBPUSD (March Future) Pound/dollar traded down Wednesday as investors booked their long term profits amid uncertainty over Brexit. Technical, GBPUSD retreated from the day high and settled at levels. Today, Pair would need to break above in order to test , else failure of the break could create probability for sell on rise and it may test

5 Major Economic Data & Events Released Yesterday/Earlier today Euro zone economy grew by 0.6 percent in the final quarter of last year, European statistics agency Euro stat confirmed on Wednesday, ensuring that the single currency bloc expanded at its fastest rate in more than decade last year. U.K. House prices increased 1.8% on year in three months to February, slower than the 2.2% rise registered in January. This was the weakest rate since March Chicago Fed's National Financial Conditions Index moved to in the week ended March 2, a level not seen since the week of May 19, The index was in the prior week. Major Economic Data & Events Schedule today Time Currency Economic Indicators Forecast Previous Possible Impact 12:30am USD Beige Book :30am USD Consumer Credit m/m 17.5B 18.4B Negative 5:20am JPY Bank Lending y/y 2.40% 2.40% Neutral JPY Current Account 1.76T 1.48T Positive JPY Final GDP Price Index y/y 0.00% 0.00% Neutral JPY Final GDP q/q 0.20% 0.10% Positive 5:31am GBP RICS House Price Balance 7.00% 8.00% Negative Tentative CNY Trade Balance -70B 136B Negative Tentative CNY USD-Denominated Trade Balance -2.3B 20.3B Negative 10:30am JPY Economy Watchers Sentiment Positive 12:30pm EUR German Factory Orders m/m -1.90% 3.80% Negative 6:00pm USD Challenger Job Cuts y/y % - 6:15pm EUR Minimum Bid Rate 0.00% 0.00% Neutral 7:00pm EUR ECB Press Conference USD Unemployment Claims 220K 210K Negative 9:00pm USD Natural Gas Storage -58B -78B Negative Impact: HighLowMedium Note: Economic data expectations are based on median forecast by economists or Reuters and Bloomberg survey. Here positive impact indicates currency could appreciate and negative indicates currency could depreciate in comparison with US Dollar.Technical Chart Source: TickerNews Source: Ticker news, Forexfactory.com, forexlive.com and investing.com*dos Depends on Statement. DOV Depends on Votes. Source - investing.com, Reuters & ticker news.

6 IndiaNivesh Securities Limited SEBI Registration No.INH & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai Tel: (022) / Fax: (022) research@indianivesh.in Website: Disclaimer: This document has been prepared by IndiaNivesh Securities Limited (IndiaNivesh), for use by the recipient as information only and is not for circulation or public distribution. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from us. This document is not to be construed as an offer to sell or the solicitation of an offer to buy any currency pair. Recipients of this document should be aware that past performance is not necessarily a guide for future performance and price and value of investments can go up or down. The suitability or otherwise of any investments will depend upon the recipients particular circumstances. The information contained in this document has been obtained from sources that are considered as reliable though its accuracy or Completeness has not been verified by IndiaNivesh independently and cannot be guaranteed. Neither IndiaNivesh nor any of its affiliates, its directors or its employees accepts any responsibility or whatever nature for the information, statements and opinion given, made available or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material only. IndiaNivesh directors and its clients may have holdings in the currencies mentioned in the report.