Currency Report 23rd JAN 2018
Indian rupee ended marginally lower against dollar on Monday, on mild demand for the American currency from importers and banks. However, a strong domestic equity market capped the rupee’s losses. Traders remained cautious with a private report pointing out that India’s fiscal deficit is expected to increase to 3.5% of GDP in 2018-19 but it will not have any material impact on macro stability risks. As per the report, fiscal deficit target may widen to 3.5 per cent of GDP in 2018-19 from 3.4 per cent in 2017-18. Meanwhile, domestic equity markets hit record closing highs for a fourth straight session on Monday.
On the global front, the dollar was pinned near a three-year low on Monday, as a US government shutdown encouraged investors to add to bearish bets against the greenback..
USDINR
Support at 63.75 and Resistance at 64.00
Above 64.00 rally remain continue till 64.30—64.50 else could touch its support level of 63.75
Fresh selling can be initiated below 63.75
Trade with levels only.
GBPINR
Support at 89.10 and Resistance at 89.45
Above 89.45 rally remain continue till 89.80—89.90 else could touch its support level of 89.10
Fresh selling can be initiated below 89.10
EURINR
Support at 78.00 and Resistance at 78.40
Above 78.40 rally remain continue till 78.60—78.80 else could touch its support level of 78.00
Fresh selling can be initiated below 78.00
JPYINR
Support at 57.55 and Resistance at 57.75
Above 57.75 rally remain continue till 58.00—58.10 else could touch its support level of 57.55
Fresh selling can be initiated below 57.55
More will update soon !!
