Rupee ends higher against greenback on rate cut hopes by RBI
Snapping two-day losing streak, Indian rupee recovered against the American currency on Tuesday on the back of dollar sales by exporters and bank. Traders took some support with Moody's report that the Indian economy will likely grow in the range of 6.5-7.5% over the next 12-18 months and the growth momentum will get support from the goods and services tax (GST) regime. Investors remained optimistic ahead of outcome interest rate decision from two-day Monetary Policy Committee meeting that started today. The street is expecting a rate cut of at least 25 basis points by RBI tomorrow. Moreover, gains in the domestic equities and continuous foreign capital inflows too supported the domestic unit. On the global front, dollar edged up against a trade-weighted currency basket on Tuesday, but held close to a 14-month low as investors added to bets that political turmoil in Washington will hit prospects of another Federal Reserve rate hike in coming months.
USDINR
Support at 64.25 and Resistance at 64.60
Break and sustain below 64.25 will take it to 64.10—63.90 and then to 63.70 mark else could touch its resistance level of 64.60 again.
Fresh buying can be initiated above 64.60
GBPINR
Support at 84.90 , Below 84.90 it can touch 84.60—84.40 mark else could touch its resistance level of 85.20
Fresh buying can be initiated above 85.20
EURINR
Support at 75.95 Resistance at 76.20
Below 75.95 it can touch 75.60—75.30 mark else could touch its resistance level of 76.20 mark.
Fresh buying can be initiated above 76.20
JPYINR
Support at 58.10 and Resistance at 58.50
Break and sustain below 58.10 will take it to 57.90—57.70 and then to 57.50 mark else could touch its resistance level of 58.50
Fresh buying can be initiated only above 58.50
More will update soon!!
