Rupee surrenders most of the early gains; yet ends higher against dollar
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 64.25 and Resistance at 64.45
Break and sustain above 64.45 will take 64.65---64.80mark else it could touch its support level of 64.25 again.
Fresh selling can be initiated below 64.25 mark
Trade with levels only
GBP-INR (May)
Support at 82.80 and Resistance at 83.50
Close above 83.50 will take it to 84.00---84.20+++ mark else could touch its support level of 82.80 again.
Fresh selling can be initiated below 82.80
EURINR (May)
Support at 70.30 and Resistance 70.55---70.80
Close below 70.30 will take to 70.05—69.80 and then to 69.30 mark else could touch its resistance level of 70.55---70.80 mark again
Trade with levels only.
JPYINR
Support at 57.40 and resistance 57.80---58.10
Close below 57.40 will take it to 57.15—57.00.
Weekly close below 57.00 will see free fall in it else it could touch its resistance level of 57.80---58.10 again.
Further upside rally will see above 58.10 only.
More will update soon!!
