Currency Report 14th Feb 2018
Indian rupee trimmed some of its initial gains but still ended marginally higher against the American currency on Monday on continued dollar selling by banks and exporters. Sentiments remained positive with Finance Minister Arun Jaitley expressing confidence that there will be no more fiscal slippages as the financial position is likely to be comfortable from the next fiscal. Markets also drew some support with data indicating that the government’s direct tax kitty swelled to Rs 6.95 trillion during the April-January period of the current fiscal, a growth of 19.3% over the year-ago period. Further, a weak dollar in overseas markets along with strong gains in the domestic equity markets also strengthened the rupee sentiment. However, gains were capped as some caution lingered in the market ahead of release of crucial macro-economic data- December IIP data and January CPI, due later today.
On the global front, Britain's pound edged up against the dollar on Monday, with a weaker US currency helping sterling rebound from a three-week low reached last week after the EU’s chief Brexit negotiator warned a transition deal was far from assured.
USDINR
Support at 64.20 and Resistance at 64.50
Below 64.20 panic likely to continue till 64.00—63.85 else could touch its resistance level of 64.50
Fresh buying can be initiated above 64.50
Trade with levels only.
GBPINR
Support at 89.20 and Resistance at 89.50
Above 89.50 rally likely to continue till 89.80—90.00 else could touch its support level of 89.20
Fresh selling can be initiated below 89.20
EURINR
Support at 79.40 and Resistance at 79.70
Above 79.70 rally likely to continue till 79.90—80.00 else could touch its support level of 79.40
Fresh selling can be initiated below 79.40
JPYINR
Support at 59.90 and Resistance at 60.50
Above 60.50 rally likely to continue till 60.80—60.90 else could touch its support level of 59.90
Fresh selling can be initiated below 59.90
More will update soon !!
