Currency Report 15th Jan 2018
Indian rupee trimmed some of its early gains but still managed to end higher against the American currency on Friday, on continued dollar selling by banks and exporters. Sentiments remained positive with Niti Aayog Vice Chairman Rajiv Kumar’s statement that economy is expected to clock growth of 7.5 percent in 2018. He further noted that as the economy picks up, employment will pick up. Besides, a weak dollar against some currencies overseas also supported the gain in rupee.
India’s industrial production rose 8.4% in November 2017 compared to that in November 2016, data released by the Ministry of Statistics and Programme Implementation showed on Friday. Industrial output had grown by just 2.2% in October 2017.
On the global front, euro continued its ascent against US dollar on Friday, after the minutes of the European Central Bank’s December meeting, released on Thursday, were viewed by the market as ‘hawkish’, sending the euro sharply higher and back above $1.20.
USDINR
Below 63.50 panic remain continue till 63.30—63.20 mark else could touch its resistance level of 63.75 mark.
Fresh buying can be initiated above 63.75
GBPINR
Support at 87.00 and Resistance at 87.35
Break and sustain above 87.35 will take it to 87.70—87.90++ mark else could touch its support level of 87.00
Fresh selling can be initiated below 87.00
EURINR
Support at 77.30 and Resistance at 77.60
Above 77.60 rally remain continue till 77.90—78.00++ mark else could touch its support level of 77.30
Fresh selling can be initiated below 77.30
JPYINR
Above 57.30 rally remain continue till 57.60—57.80++ mark else could touch its support level of 57.00.
Fresh selling can be initiated below 57.00
More will update soon !!
