Rupee extends weakness for second straight session
Indian rupee extended its weakness for the second consecutive day on Friday, on increased month-end demand for the American currency from importers. Sentiments remained down-beat with the report that private equity investments in the first quarter of this year fell to nearly 3-year low of $2.1 billion in the absence of big ticket deals. According to the report, there was a decline both in terms of value as well as volume of deals and PE investment values dropped to the lowest level in the last 11 quarters. Moreover, the US dollar’s gains against some other currencies overseas and a weak domestic equity market put pressure on the rupee. On the global front, Sterling climbed to its highest against the dollar since late September on Friday, brushing off data showing a sharp slowdown in UK economic growth as traders closed off heavy bets against the pound ahead of a long Bank Holiday weekend.
USDINR (May)
Support at 64.20 and Resistance at 64.65---64.90
Looks positive and could touch its resistance level of 64.65---64.90 mark.
Fresh selling can be initiated below 64.20 mark
GBP-INR (May)
Support at 83.00 and Resistance at 83.30
If unable to breach its support level of 83.00 then it can touch its resistance level of 83.30 and then to 83.55---83.70 again. Further upside rally will see only close above 83.70 mark
Looks weak only below 83.00 mark.
EURINR (May)
Support at 70.30 and Resistance 70.55.
Close below 70.30 will take it to 70.00—69.80 mark else could touch its resistance level of 70.55 mark again.
Fresh buying can be initiated above 70.55 mark
JPYINR
Support at 57.40 and resistance 57.90
Looks weak and could test its support level of 57.40. Close below 57.40 will take to 56.80---56.50 mark.
Fresh buying can initiate only close above 57.90 mark.
Trade with levels only.
More will update soon!!
