Currency Report 6th Feb 2018
Indian rupee ended unchanged on Monday compared to its previous close as investors remained cautious ahead of Reserve Bank of India’s (RBI’s) monetary policy meeting to be start from tomorrow. Traders also remained pessimistic with Fitch Ratings’ statement that high debt burden of the government constrains India’s rating upgrade, after Finance Minister Arun Jaitley projected a fiscal deficit of 3.5 percent of GDP against the earlier target of 3.2 percent. Meanwhile, Arun Jaitley said that the economy has entered into a phase of consolidation after a series of structural reforms which were initiated in the past two years.
On the global front, US dollar paused on Monday after rebounding at the end of last week, when a strong jobs report suggested the currency's weakness might have gone too far, too fast.
USDINR
Support at 64.40 and Resistance at 64.60
Sustain above 64.60 Rally likely to continue till 64.80—65.00 else could touch its support level of 64.40
Fresh selling can be initiated below 64.40
Trade with levels only.
GBPINR
Support at 90.10 and Resistance at 90.40
Below 90.10 panic likely to continue till 89.90—89.80 else could touch its resistance level of 91.40
Fresh buying can be initiated above 90.40
EURINR
Support at 79.80 and Resistance at 80.10
Below 79.80 panic likely to continue till 79.65—79.50 else could touch its support level of 79.80
Fresh buying can be initiated above 80.10
JPYINR
Support at 59.10 and Resistance at 59.50
Sustain above 59.50 rally likely to continue till 59.70—59.80 else could touch its support level of 59.10
Fresh selling can be initiated below 59.10
More Will Update Soon!!!
