Currency Report 19th January 2018
Indian rupee surrendered some of its earlier gains and ended tad higher against dollar on Thursday, on bouts of greenback selling by exporters and banks. The sentiments got some support with India Ratings and Research’s latest report that the country's economic growth is expected to improve to 7.1 per cent next fiscal from 6.5 per cent this year, buoyed by robust consumption demand and low commodity prices. Besides, gains in the local equity markets along with dollar’s slide against some currencies overseas, too supported the rupee. However, investors remained cautious with the World Economic Forum’s (WEF) report that the world will see risks related to environment, economy and international relations intensify this year with a majority of stakeholders expecting political or economic confrontations between major powers to worsen.
On the global front, Sterling steadied against dollar on Thursday, consolidating some of the recent gains that have propelled the pound to its highest levels since Britain voted to exit the European Union.
USDINR
Support at 63.65 and Resistance at 63.95
Below 63.65 panic remain continue till 63.40--63.20 else could touch its resistance level of 64.95
Fresh buying can be initiated above 63.95
Trade with levels only.
GBPINR
Support at 88.50 and Resistance at 88.75
Above 88.75 rally remain continue till 89.00—89.20 else could touch its support level of 88.50
Fresh selling can be initiated below 88.50
EURINR
Support at 77.85 and Resistance at 78.55
Below 77.85 panic will remain continue till 77.50—77.40 else could touch its resistance level of 78.55
Fresh buying can be initiated above 78.55
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!!!
