Currency Report 2nd Feb 2018
Indian rupee ended considerably weaker against the US dollar on Thursday due to dollar demand from banks and importers. Sentiments remained down-beat after finance minister Arun Jaitley revised the fiscal deficit target for FY18 to 3.5% from 3.2% targeted earlier. Traders failed to get relief with report that the Central Statistics Office has revised the Gross Domestic Product (GDP) growth rate for 2015-16 to 8.2% from the earlier estimates of 8% and kept the 2016-17 growth unchanged at 7.1%. Besides, lackluster trade in the equity markets also weighed negatively on the local unit.
On the global front, dollar dropped on Thursday, extending losses into a third straight day as the hawkish noises from the US Federal Reserve did little to prop up the struggling buck.
USDINR
Support at 64.20 and Resistance at 64.35
Sustain above 64.35 Rally likely to continue till 64.50—64.70 else could touch its support level of 64.20
Fresh selling can be initiated below 64.20
Trade with levels only.
GBPINR
Support at 90.50 and Resistance at 90.90
Sustain above 64.35 rally likely to continue till 64.50—64.70 else could touch its support level of 90.50
Fresh selling can be initiated below 90.50
EURINR
Support at 80.10 and Resistance at 80.50
Sustain above 80.50 rally likely to continue till 80.70—80.90 else could touch its resistance level of 80.10
Fresh selling can be initiated below 80.10
JPYINR
Support at 58.60 and Resistance at 58.80
Sustain above 58.80 rally likely to continue till 60.00—61.00 else could touch its support level of 58.60
Fresh selling can be initiated below 58.60
More Will Update Soon!!
