Indian rupee pared some of its early losses but still ended marginally weaker against the American currency on Monday, due to fresh dollar demand from banks and importers amid foreign fund outflows. Sentiments remained dampened as foreign brokerage reported that investment continued to slip to 27.5 percent of GDP, from 29.2 percent in June 2016, with high lending rates dampening demand and sustaining excess capacity. Besides, massive losses of domestic equity markets too affected the rupee, but a weak dollar overseas kept the fall to a minimum. On the global front, dollar fell against Japanese yen on Monday as concerns about geopolitical risks following North Korea's latest nuclear test over the weekend prompted a rush to traditional currency hedges.
USDINR
Support at 64.00 and Resistance at 64.35
Above 64.35 rally remain continue till 64.50—64.80 and then to 65.00++
Fresh selling can be initiated below 64.00
GBPINR
Support at 82.80 and Resistance at 83.35
Looks positive and could touch its resistance level of 83.35, Above 83.35 rally remain continue till 83.80—84.00 mark else could touch its support level of 82.80 mark.
Fresh selling can be initiated below 82.80 mark.
EURINR
Support at 76.20 and Resistance at 76.65
Above 76.65 rally remain continue till 76.80—77.00++ mark else could touch its support level of 76.20
Fresh selling can be initiated below 76.20
JPYINR
Yesterday on our blog we clearly indicated JPYINR looks positive above 58.30 if flared and made high of 58.86.
Now what to expect??
Hurdle at 58.90, Break and sustain above 58.90 will take it to 59.30—59.50++ mark else could touch its support level of 58.50
Fresh selling can be initiated below 58.50
Trade with levels only.
More will update soon!!
