Currency Report 25th JAN 2018
Maintaining its upbeat trend for the second-straight session, Indian rupee ended higher against US dollar on Wednesday, on the back of fresh selling of the US dollar by exporters. Investors took support with Niti Aayog’s former vice chairman Arvind Panagariya’s statement that India is headed to become the world’s fifth largest economy and it has the potential to achieve 10% growth rate. Some support also came with Finance Minister Arun Jaitley expressing confidence about the Indian economy’s potential, he said India will be one of the three largest economies in the world over the next 25 years. Moreover, weakness in the dollar against other currencies overseas too made the rupee stronger. Though, lackluster trade in the equity markets limited further appreciation of Indian currency.
On the global front, dollar slid to three-year lows against a basket of major peers on Wednesday on worries about the protectionist agenda expected to be pursued by US President Donald Trump in a speech later this week.
USDINR
Support at 63.50 and Resistance at 63.75
Below 63.50 panic will remain continue till 63.38—63.20 else could touch its resistance level of 63.75
Fresh buying can be initiated above 63.75
Trade with levels only.
GBPINR
Support at 90.50 and Resistance at 90.85
Above 90.85 rally remain continue till 91.00—91.20 else could touch its support level of 90.50
Fresh selling can be initiated below 90.50
EURINR
Support at 78.70 and Resistance at 79.00
Above 79.00 rally remain continue till 79.20—79.30 else could touch its support level of 78.70
Fresh selling can be initiated below 78.70
JPYINR
Support at 58.10 and Resistance at 58.25
Above 58.25 rally remain continue till 58.50—58.60 else could touch its support level of 58.10
Fresh selling can be initiated below 58.10
More will update soon !!
