Currency Report 7th Feb 2018
Indian rupee ended lower against US dollar on Tuesday, on sustained bouts of dollar demand from importers and banks amid sell-off in local equities. Sentiments remained down-beat with the private report stating that GDP growth will slip down to 7 percent in the second half of the next fiscal, however the economy will grow 7.5 percent level in the first half on a lower base. Some cautions also prevailed in the markets ahead of outcome of the Reserve Bank of India’s (RBI) policy review meeting. Investors are expecting that the central bank will tighten its monetary policy stance in the wake of growing concerns over fiscal slippage. On the global front, US dollar dropped against yen on Tuesday due to a global equities rout triggered by a rise in US Treasury yields overnight causing a record point decline in the Dow Jones Industrial Average. Indian rupee ended lower against US dollar on Tuesday, on sustained bouts of dollar demand from importers and banks amid sell-off in local equities. Sentiments remained down-beat with the private report stating that GDP growth will slip down to 7 percent in the second half of the next fiscal, however the economy will grow 7.5 percent level in the first half on a lower base. Some cautions also prevailed in the markets ahead of outcome of the Reserve Bank of India’s (RBI) policy review meeting. Investors are expecting that the central bank will tighten its monetary policy stance in the wake of growing concerns over fiscal slippage.
On the global front, US dollar dropped against yen on Tuesday due to a global equities rout triggered by a rise in US Treasury yields overnight causing a record point decline in the Dow Jones Industrial Average.
USDINR
Support at 64.20 and Resistance at 64.40
Below 64.20 panic likely to continue till 64.05—63.95 else could touch its support level of 64.40
Fresh buying can be initiated above 64.40
Trade with levels only.
GBPINR
Support at 89.70 and Resistance at 89.90
Below 89.70 panic likely to continue till 89.50—89.40 else could touch its resistance level of 89.90
Fresh buying can be initiated above 89.90
EURINR
Support at 79.60 and Resistance at 79.80
Below 79.60 panic likely to continue till 79.40—79.30 else could touch its resistance level of 79.80
Fresh buying can be initiated above 79.80
JPYINR
Support at 58.70 and Resistance at 59.90
Below 58.70 panic likely to continue till 59.55—59.40 else could touch its resistance level of 59.90
Fresh buying can be initiated above 59.90
More Will Update Soon!!
