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Thursday, February 1, 2018

Update on Currency Report 1st Feb 2018




 Currency Report 1st Feb 2018



Indian rupee ended marginally higher against dollar on Wednesday due to sustained selling of the US currency by exporters and banks. Traders took some sense of relief with ratings agency Moody’s statement that recently introduced goods and services tax (GST) mechanism is still a work in progress that will ultimately result in formalisation of economy. It added that it was a necessary step to help banks and such reforms should continue. However, gains were limited as traders maintained cautious approach ahead of fiscal deficit data for April-December and annual gross domestic product (GDP) data for fiscal year 2017, to be announced later in the day. 


On the global front, dollar fell by a quarter of a percent on Wednesday, putting it on track for its biggest monthly drop in nearly two years as US President Donald Trump’s first State of the Union address failed to offer any comfort to ailing dollar bulls.




USDINR 



Support at 63.70 and Resistance at 64.00

Below 63.70 Panic likely to continue till 63.55—63.30 else could touch its resistance level of 63.70

Fresh buying can be initiated above 63.70

Trade with levels only.



GBPINR



Support at 90.50 and Resistance at 90.80

Above 90.80 rally remain continue till 91.20—91.35 else could touch its support level of 90.50

Fresh selling can be initiated below 90.50



EURINR




Support at 79.40 and Resistance at 79.70

Below 79.40 panic likely to continue till 79.20—79.00  else could touch its resistance level of 79.70

Fresh buying can be initiated above 79.70


JPYINR



Support at 58.40 and Resistance at 58.70

Below 58.40 panic likely to continue till 58.10—58.00  else could touch its resistance level of 58.70

Fresh buying can be initiated above 58.70












More will update soon !!