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Monday, September 4, 2017

Currency outlook update for the day 04 Sep 2017





Currency Report 4th Sept Aug 2017



Indian rupee depreciated against the US dollar on Friday, due to fresh demand for the American currency from banks and importers. Sentiments remained dampened after data showing India's Gross Domestic Product (GDP) growth slowed down to a three-year low of 5.7% during the first quarter (April-June) of the fiscal year 2017-18, as against 7.9% in the corresponding period a year ago and 6.1% in the preceding quarter. Moreover, the greenback rose against other currencies overseas on better-than-expected US growth data, too kept pressure on the local currency. However, a firm domestic equity market limited further depreciation of Indian currency. On the global front, dollar edged higher against yen on Friday, as investors remained cautious ahead of the key monthly US employment data.





USDINR




Support at 64.00 and Resistance at 64.25

Below 64.00 panic remain continue till 63.85—63.70 and then to 63.50 mark else could touch its resistance level of 64.25.

Fresh buying can be initiated above 64.25





GBPINR




Support at 82.80 and Resistance at 83.15

Above 83.15 rally remain continue till 83.50—83.80 mark else could touch its support level of 82.70 mark.

Fresh selling can be initiated below 82.80 mark.





EURINR



Support at 76.10 and Resistance at 76.30

Above 76.30 rally remain continue till 76.80—77.00++ mark else could touch its support level of 76.10

Fresh selling can be initiated below 76.10





JPYINR




Hurdle at 58.50, Break and sustain above 58.50 will take it to 58.80—58.90++ mark else could touch its support level of 58.20

Fresh selling can be initiated below 58.20

Trade with levels only.















More will update soon!!