Currency Report 15th FEB 2018
Gaining for the second day, Indian rupee ended considerably stronger against the US dollar on Wednesday, on continued selling of the US currency by banks and exporters. Traders took some solace with India’s Retail inflation, measured by the consumer price index (CPI), easing to 5.07% in January 2018, after rising to 5.21% in the month of December. Some encouragement also came with a survey by economic think tank NCAER enlightened that the Business Confidence Index rose 9.1% in December quarter 2017 over the previous three months as overall sentiment remained buoyant. Though, selling in last hour of trade in the domestic equity markets limited further appreciation of Indian currency.
On the global front, US dollar continued to hover at one-week lows against other major currencies on Wednesday, as sentiment on the greenback remained vulnerable ahead of the release of highly-anticipated US inflation data due later in the day.
USDINR
Below 63.90 panic remain continue till 63.60—63.45 mark else could touch its resistance level of 64.20 mark.
Fresh buying can be initiated above 64.20
GBPINR
Support at 89.40 and Resistance at 89.70
Break and sustain above 89.70 will take it to 90.00—90.20 mark else could touch its support level of 89.40 again
Fresh selling can be initiated below 89.40 mark
EURINR
Support at 79.50 and Resistance at 79.80
Above 79.80 rally remain continue till 80.20—80.50 mark else could touch its support level of 79.50
Fresh selling can be initiated below 79.50
JPYINR
Hurdle at 60.10, Above 60.10 rally remain continue till 60.55—60.80+++ mark else could touch its support level of 59.70 again
Fresh selling can be initiated below 59.70
More Will Update Soon!!!!
