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Thursday, January 18, 2018

Currency Report of 18th January 2018




Currency Report 18th January 2018

Snapping its previous session’s losses, Indian rupee recovered against dollar on Wednesday, on sustained dollar selling by exporters amid record rally in domestic equities. Sentiments remained positive with the Government lowering its additional borrowing plan to Rs 20,000 crore for the fiscal from the earlier proposal of raising an extra Rs 50,000 crore from the market. The reduced borrowing would help contain fiscal deficit within the target. Traders also took some encouragement with Crisil’s latest report stating that India will benefit from stronger global growth in the fiscal 2019 provided there are no more after effects from the implementation of the GST and the economy manages to tide over the asymmetry in monetary policy of advance economies together with higher crude oil prices. Besides, dollar's weakness against some currencies overseas also aided the recovery momentum. 

The Union government is holding talks to increase foreign investment limits in private sector banks to 100%, from 74% at present.  It is also considering a hike in the foreign investment cap for public sector banks (PSBs), from 20% to 49%, a top government official said.

On the global front, euro fell against dollar on Wednesday as some investors ramped up bullish bets about the currency though some concerns from policymakers this week damped broader optimism.



USDINR 

Support at 63.95 and Resistance at 64.10

Below 63.95 panic remain continue till 63.80--63.70 else could touch its resistance level of 64.10

Fresh buying can be initiated above 64.10

Trade with levels only.



GBPINR

Support at 88.00 and Resistance at 88.55

Trading in range either side breakout will decide further



EURINR

Support at 77.80 and Resistance at 78.10

Below 77.80 panic will remain continue till 77.50—77.40 else could touch its resistance level of 78.10

Fresh buying can be initiated above 78.10



JPYINR

Support at 57.35 and Resistance at 57.70

Below 57.35 panic will remain continue till 57.05—56.90 else could touch its resistance level of 57.70

Fresh buying can be initiated above  57.70







More will update soon!!!