Currency Report 15th December 2017
After a two-day fall, Indian rupee gained ground against dollar and ended higher on Thursday, due to selling of the US currency by exporters and banks. Local currency got some support with a private report stating that India’s economic growth has bottomed out and the GDP growth will recover further to 7% over the next few quarters. Besides, gains in the domestic equity markets also influenced the rupee sentiment. However, the rupee gains, to some extent, were capped with the Reserve Bank of India (RBI) data showing that India’s current account deficit (CAD) widened to 1.2% of GDP or $7.2 billion in July-September, from 0.6% of GDP or $3.4 billion reported in the same period a year ago. Meanwhile, the trade deficit widened to $32.8 billion in the previous quarter from $25.6 billion a year ago.
On the global front, dollar held at more than one-week lows on Thursday after the US central bank kept its economic forecasts unchanged with investors expecting more losses if the European Central Bank outlines a more optimistic outlook on the economy.
USDINR
Support at 64.20 and Resistance at 64.50
Break and sustain below 64.20 will take it to 63.95—63.70 mark else could touch its resistance level of 64.50.
Fresh buying can be initiated above 64.50
Trade with levels only.
GBPINR
Support at 86.30 and Resistance at 86.75
Break and sustain below 86.30 will take it to 86.00—85.80 mark else could touch its resistance level of 86.75 mark.
Fresh buying can be initiated above 86.75
EURINR
Support at 75.70 and Resistance 76.10
Break and sustain below 75.70 will take it to 75.45—75.30 mark else could touch its resistance level of 76.10 mark.
Fresh buying can be initiated above 76.10
JPYINR
Above 57.30 rally remain continue till 57.50—57.80+++ mark, else could touch its support level of 56.90.
Fresh selling can be initiated below 56.90
More will update soon!!!
