Currency Report 07th December 2017
Falling for the second consecutive session, Indian rupee depreciated against dollar on Wednesday, on increased demand for the US currency from importers. The domestic currency came under pressure as the RBI left key policy repo rate unchanged at 6%. Likewise, it has left the reverse repo rate at 5.75%, while the cash reserve ratio too has been left unchanged at 4%. Some concern also came with report that India's total public debt (excluding liabilities under the public account) increased to Rs 65.65 lakh crore in the July-September quarter (Q2FY18), up by 2.53% over the previous quarter. Besides, losses in domestic equities too affected the rupee, but dollar’s weakness against some currencies overseas kept the fall to a minimum.
On the global front, dollar was steady against a basket of the other major currencies on Wednesday as concerns over a possible US government shutdown offset optimism over progress on tax reform.
USDINR
Support at 64.40 and Resistance at 64.70
Above 64.70 rally remain continue till 65.00—65.30++ mark else could touch its support level of 64.40,
Fresh selling can be initiated below 64.40
Trade with levels only.
GBPINR
Support at 86.40 and Resistance at 86.85
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 86.85
EURINR
Below 76.40 panic remain continue till 76.00—75.80 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 57.70
Trend looks positive, Break and sustain above 57.70 will take it to 58.00—58.20++ mark else could touch its support level of 57.30 mark.
Fresh selling can be initiated below 57.30
More will update soon!!!
