Rupee ends considerably stronger against dollar
Indian rupee ended considerably stronger against dollar on Monday on increased selling of the American currency by exporters and banks. Sentiments remained positive with Finance Minister Arun Jaitley’s statement that Indian economy will grow at a clip of 7.5% this fiscal, up from 7.1% in the previous year, and it remains resilient with low inflation, fiscal prudence and low deficit. Adding the optimism among investors, Niti Aayog, the government's premier think-tank, indicated that India will be a Rs 469 lakh crore, or $7.2 trillion, economy by 2030. According to the report, the future is extremely bright for India's economic growth, primarily because of an extremely large GDP base and a projection of average 8% growth over the next 15 years. Furthermore, good going in the local equity markets and dollar’s weakness overseas against a basket of major currencies, mainly aided the currency’s appreciation. On the global front, euro surged and yen sank against dollar on Monday after the first round of France's presidential election turned out bang in line with opinion polls, settling currency market worries of another systemic political shock from next month's second round.
USDINR
Support at 64.30 and Resistance at 64.800
Below 64.30 panic remain continue till 64.00—63.80 and then to 63.50 mark else could touch its resistance level of 64.80.
Further upside rally will see only above 64.80.
Trade with levels only.
GBP-INR
Support at 82.15 and Resistance at 83.10
Break and sustain below 82.15 will take it to 81.85---81.60 and then to 81.30 mark else could touch its resistance level of 83.10 mark.
Fresh buying can be initiated above 83.10
EURINR
Support at 69.85 and Resistance at 70.15
Break and sustain below 69.85 will take it to 69.60—69.25 and then to 68.80 else could touch its resistance level of 70.15
Fresh buying can be initiated above 70.15
JPYINR
Support at 58.40 and resistance 58.80
Break and sustain below 58.40 will take it to 58.25—58.05 and then to 57.85 mark else could touch its resistance level of 58.80
Fresh buying can be initiated above 58.80
Trade with levels only
More will update soon!!
