Rupee ends at near 20-month high against US dollar
Snapping three-day winning streak, Indian rupee ended marginally lower against dollar on Thursday, due to fresh demand for the American currency from banks and importers. Sentiments remained dampened after Finance Minister Arun Jaitley expressed concern over the worrying signs of economic protectionism and has said the continued unpredictability in ties between major powers has brought new uncertainties to the fore. Besides, weak trade in the domestic equity market also kept pressure on the local currency. On the global front, dollar pushed higher against yen on Thursday after the Trump administration outlined its tax plan and traders awaited the European Central Bank's monetary policy decision later in the day.
Finally, the rupee ended at 64.15, 4 paise weaker from its previous close of 64.11 on Wednesday. The currency touched a high and low of 64.17 and 63.97 respectively. The Reserve Bank of India’s (RBI) reference rate for the dollar stood at 64.11 and for Euro stood at 69.89 on April 27, 2017. While the RBI’s reference rate for the Yen stood at 57.60, the reference rate for the Great Britain Pound (GBP) stood at 82.58. The reference rates are based on 12 noon rates of a few select banks in Mumbai.
USDINR (May)
Hurdle at 64.45, close above 64.45 will take it to 64.60—64.75 and then to 65.00 again, else could touch its support level of 64.00 again.
Fresh selling can be initiated below 64.00
Trade with levels only.
GBPINR (May)
We clearly recommended looks positive above 82.95 and can touch 83.20—83.50, Just made high of 83.34
Now what to expect??
Trend looks positive, hurdle at 83.35, Close above 83.35 will take it to 83.75—83.90 and then to 84.20 mark in days to come.
Support at 82.90
EURINR (May)
Support at 70.10 and Resistance 70.40
Close below 70.10 will take it to 69.90—69.60 and then to 69.30 mark else could touch its resistance level of 70.40 mark.
Fresh buying can be initiated above 70.40
JPYINR
Support at 57.70 and resistance 58.10
Close above 58.10 will take it to 58.40—58.80 mark, else could touch its support level of 57.70 mark
Further downside panic will see below 57.70
Trade with levels only
More will update soon!!
