Currency Report 29th JAN 2018
Exhibiting strength against the dollar for the third straight day, Indian rupee ended higher on Thursday on continued selling of the greenback. Sentiments remained up-beat with private report stating that waning effects from the Goods and Services Tax (GST) impact will help push the Indian GDP growth to 7% in FY19. The report added that the growth has slid from previous year’s 7.1% to 6.5% in FY18 due to the implementation of the GST. But as some of the short-run disruptions caused by GST got ironed out, the firm expects growth to rise in the next couple of years. Besides, a muted show by the greenback against other currencies overseas also influenced the rupee uptrend.
On the global front, the euro steadied at a three-year high on Thursday as traders waited to see if the European Central Bank would try to cool the currency's hottest run in nearly four years.
USDINR
Support at 63.50 and Resistance at 63.85
Above 63.85 Rally likely to continue till 64.00—64.20 else could touch its support level of 63.50
Fresh selling can be initiated below 63.50
Trade with levels only.
GBPINR
Support at 90.15 and Resistance at 90.40
Below 90.15 panic will remain continue till 89.95—89.80 else could touch its resistance level of 90.40
Fresh buying can be initiated above 90.40
EURINR
Support at 79.10 and Resistance at 79.30
Above 79.30 rally remain continue till 79.40—79.50 else could touch its support level of 78.10
Fresh selling can be initiated below 78.10
JPYINR
Support at 58.55 and Resistance at 58.75
Above 58.75 rally remain continue till 58.90—59.00 else could touch its support level of 58.55
Fresh selling can be initiated below 58.55
More will update soon !!
