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Wednesday, January 24, 2018

Update on Currency Report 24th JAN 2018





Currency Report 24th JAN 2018


Indian rupee appreciated against US dollar on Tuesday, as fresh sale of the US currency by exporters paced up. Local currency got support with International Monetary Fund’s (IMF) projection that India will grow at 7.4% in 2018 as against China’s 6.8%, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the Goods and Services Tax (GST). It has also projected a 7.8% growth rate for India in 2019. Besides, strong rally in local equity market too supported the rupee.

 On the global front, dollar edged higher as some investors judged that its recent decline to a three-year low may be coming to a close amid growing concern over the US stance on global trade.



USDINR 



Support at 63.70 and Resistance at 64.00

Below 63.70 panic will remain continue till 63.40—63.25 else could touch its resistance level of 64.00

Fresh buying can be initiated above 64.00

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 78.25 and Resistance at 78.50

Above 78.50 rally remain continue till 78.70—78.90 else could touch its support level of 78.25

Fresh selling can be initiated below  78.25




JPYINR



Support at 57.75 and Resistance at 58.00

Above 58.00 rally remain continue till 58.20—58.30 else could touch its support level of 57.75

Fresh selling can be initiated below  57.75














More Will Update soon !!