Rupee ends at three-week high against US dollar
Indian rupee ended at three-week high against US dollar on Tuesday, taking its winning streak for second straight session, on continued dollar selling by banks and exporters. Sentiments remained positive with Finance Minister Arun Jaitley's statement that India will continue to grow at 7-8 per cent rate, an 'absolute normal' for the nation under the current global environment. Jaitley also said as far as the economy is concerned, all the decisions taken by the Modi-Government are consistently in one direction. Besides, persistent rise in the equity market along with dollar weakness overseas too kept the domestic unit in good spirits. On the global front, euro surged on Monday to its strongest level against the greenback in five-and-a-half months after Centrist and pro-EU candidate Emmanuel Macron took first place in the first round of the French presidential election.
Finally, the rupee ended at 64.27, 17 paise stronger from its previous close of 64.44 on Monday. The currency touched a high and low of 64.41 and 64.20 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.27 and for Euro stood at 69.85 on April 25, 2017. While the RBI’s reference rate for the Yen stood at 58.33, the reference rate for the Great Britain Pound (GBP) stood at 82.26. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
USDINR (May)
Support at 64.00 and Resistance at 64.800
Looks weak and could touch its support level of 64.00 break and sustain below 64.00 will take it to 63.80—63.50 and then to 63.00 mark in days to come else could touch its resistance level of 64.80 again.
Further upside rally will see only above 64.80
Trade with levels only.
GBP-INR (May)
Support at 82.45 and Resistance at 82.95
Close below 82.45 will take it to 82.15—82.00 and then to 81.80 mark in days to come else could touch its resistance level of 82.95 again.
Fresh buying can be initiated above 82.95
EURINR (May)
Hurdle at 70.70, close above 70.70 will take it to 71.00—71.30 mark else could touch its support level of 70.10
Close below 70.10 will see downside panic till 69.70-69.40 mark.
Further downside panic will see on close below 69.40 only.
JPYINR
Support at 57.45 and resistance 58.30
Looks weak and could touch its support level 57.45, Three consecutive close + weekly close below 57.45 will take it to 56.50—56.00 and then to 55.70 mark, else could touch its resistance level of 58.30 again.
Further upside rally will see only above 58.30
Trade with levels only
More will update soon!!
