Currency Report 05th November 2017
Indian rupee appreciated against US dollar on Monday, as fresh sale of the US currency by exporters paced up. Local currency got some support with Niti Aayog Vice-Chairman Rajiv Kumar’s statement that the growth rebound shows that the economy has come out of the woods and economic expansion for the full year will come in at 6.5-7 percent. Besides, gains in the rupee were also due to local equity markets which somehow managed a positive close. However, dollar’s strength against major global currencies overseas capped the rupee’s gain. Meanwhile, investors remained on sidelines ahead of RBI monetary policy meeting which is scheduled to begin on December 05.
On the global front, dollar rose against a trade-weighted basket of currencies on Monday after the US Senate approved a tax overhaul at the weekend, though the gains were limited by doubts that interest rates would rise as a result.
USDINR
Support at 64.35 and Resistance at 64.60
Below 64.35, panic remain continue till 64.20—64.00 mark else could touch its resistance level of 64.60.
Fresh buying can be initiated above 64.60.
Trade with levels only.
GBPINR
Support at 86.65 and Resistance at 87.20
Break and sustain above 87.20 will take it to 87.50—87.80++ mark else could touch its support level of 86.90.
Fresh selling can be initiated below 86.65
EURINR
Support at 76.50 and resistance at 76.90
Trading in range either side break out with volumes will decide further.
JPYINR
Support at 57.15 and resistance at 57.45
Break and sustain below 57.15 will take it to 56.80—56.60 mark else could touch its resistance level of 57.45
Fresh buying can be initiated above 57.45
More will update soon!!!
