Currency Report 8th Feb 2018
Indian rupee pared all of its gains and ended marginally weaker against dollar on Wednesday, due to fresh demand for the American currency from banks and importers. Investors were worried after Reserve Bank of India (RBI) kept repo rate unchanged at 6% and Reverse Repo rate was also maintained at 5.75%. Besides, the dollar’s gains against some other currencies overseas coupled with lackluster trade in the equity markets also weighed on the rupee sentiments. However, losses were limited as some support came with domestic brokerage report which highlighted that there will be minimal impact on inflation from the government’s decision to fix support prices for the upcoming Kharif crops like paddy at least 50% higher than the cost of production.
On the global front, dollar lost half a percent against yen on Wednesday, handing back earlier gains, as investors remained cautious after a heavy selloff in stock markets, and with many viewing the Japanese currency as undervalued.
USDINR
Support at 64.20 and Resistance at 64.60
Above 64.60 rally likely to continue till 64.90—65.00 else could touch its support level of 64.20
Fresh selling can be initiated below 64.20
Trade with levels only.
GBPINR
Support at 89.40 and Resistance at 89.70
Below 89.40 panic likely to continue till 89.20—89.10 else could touch its resistance level of 89.70
Fresh buying can be initiated above 89.70
EURINR
Support at 79.20 and Resistance at 79.40
Below 79.20 panic likely to continue till 79.00—78.90 else could touch its resistance level of 79.40
Fresh buying can be initiated above 79.40
JPYINR
Support at 58.90 and Resistance at 59.10
Below 58.90 panic likely to continue till 59.75—59.60 else could touch its resistance level of 59.10
Fresh buying can be initiated above 59.10
More Will Update Soon!!
