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Wednesday, January 31, 2018

Update on Currency Report 31st JAN 2018





 Currency Report 31st JAN 2018



Extending previous session losses, Indian rupee weakened against dollar on Tuesday, due to sustained bouts of month-end dollar demand from importers and banks. Weak domestic equities markets also weighed on the domestic unit. Traders remained cautious with NITI Aayog Vice Chairman Rajiv Kumar’s statement that the Fiscal deficit may be slightly higher than FY18 target. He also said the government may settle for slightly higher fiscal deficit in 2018-19 as well. Investors also turned their attention to US President Donald Trump’s State of the Union speech and a Federal Reserve policy meeting. However, dollar’s weakness overseas capped rupee’s losses.


On the global front, the euro rose against dollar on Tuesday, buoyed by data showing that the euro zone economy recorded its strongest rate of annual growth since the global financial crisis in the fourth quarter.



USDINR 



Support at 63.60 and Resistance at 64.00

Sustain above 64.00 rally likely to continue till 64.15—64.30 else could touch its support level of 63.60

Fresh selling can be initiated below 63.60

Trade with levels only.



GBPINR


Support at 90.30 and Resistance at 90.80

Above 90.80 rally remain continue till 91.20—91.35 else could touch its support level of 90.30

Fresh selling can be initiated below 90.30


EURINR




Support at 79.10 and Resistance at 79.50

Above 79.50 rally remain continue till 79.90—80.00 else could touch its support level of 79.10

Fresh selling can be initiated below 79.10


JPYINR




Support at 58.60 and Resistance at 58.90

Above 58.90 rally remain continue till 59.20—59.40 else could touch its support level of 58.60

Fresh selling can be initiated below 58.60










More will update soon !!