Currency Report 06th December 2017
In line with equity market, the Indian rupee ended marginally lower against US dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Traders’ attention turned towards the outcome of two-day policy review by the Reserve Bank of India (RBI) beginning today. Sentiments remained dampened after global rating agency Fitch Ratings pared India’s growth forecast for this financial year to 6.7% from 6.9% estimated earlier citing lower than expected recovery in the second quarter. For 2018-19, the credit rating agency has cut the forecast to 7.3% from 7.4% earlier.
On the global front, dollar dipped against euro on Tuesday, as investors waited to see how the next step of the US tax reform legislation proceeds rather than extend the rise made by the dollar at the start of the week following the US Senate's approval of the tax Bill.
USDINR
Support at 64.35 and Resistance at 64.65
Above 64.65 rally remain continue till 64.90—65.10+++ mark else could touch its support level of 64.35,
Fresh selling can be initiated below 64.35
Trade with levels only.
GBPINR
Support at 86.40 and Resistance at 86.95
Trend looks weak and could touch its support level of 86.40, Break and sustain below 86.40 will take it to 86.10—85.80 mark in days to come else could touch its resistance level of 86.95.
Fresh buying can be initiated above 86.95
EURINR
Support at 76.40 and resistance at 76.70
Break and sustain below 76.40 will 76.10—76.00 mark else could touch its resistance level of 76.70 mark,
Fresh buying can be initiated above 76.70
JPYINR
Support at 57.30 and resistance at 57.60
Break and sustain above 57.60 will take it to 57.90—58.10++ mark else could touch its support level of 57.30
Fresh selling can be initiated below 57.30
More will update soon!!!
