The rupee weakened marginally lower against the US dollar tracking losses in the Asian currencies markets.
Most of the Asian currencies were trading lower after the US dollar rebounded from a 2015 low amid easing concern over Hurricane Irma and as the United Nations prepared to vote on tougher North Korean sanctions,
Domestic front, the IIP grew by only 1.2 per cent in July over the same month last year, recovering slightly from a contraction of 0.1 per cent in June. The CPI-based inflation rate, on the other hand, rose to a five-month high at 3.36 per cent in August from 2.36 per cent in the previous month, as food items, particularly vegetables, became more expensive. In the past three months, vegetable prices had fallen. The rise in core inflation might raise the odds of the Reserve Bank of India keeping the key interest rate at their next meeting. But a combination of subdued growth, good monsoons, rupee strength and stable oil prices implies that the current rise in inflation is transitory. On The back of this, RBI will look past the transient factors driving inflation and make a 25bps cut in the repo rate at their October meeting
USDINR
Support at 63.80 and Resistance at 64.15
Above 64.15 rally remain continue till 64.40—64.60++ mark else could touch its support level of 64.80
Fresh selling can be initiated below 63.80
GBPINR
Hurdle at 85.20, Above 85.20 rally remain continue till 85.50—85.80++ mark else could touch its support level of 84.80
Fresh selling can be initiated below 84.80
EURINR
Support at 76.50 and Resistance at 76.90
Break and sustain above 76.90 will take it to 77.25—77.40++ mark else could touch its support level of 76.50 mark.
Fresh selling can be initiated below 76.60
JPYINR
Support at 58.20, Below 58.20 panic remain continue till 57.95—57.80 mark else could touch its resistance level of 58.70
Fresh buying can be initiated above 58.70
Trade with levels only.
More will update soon!!
