*Rupee weakens against US dollar in early trade*
Indian rupee weakened against US dollar on Friday, on account of increased demand for the American currency from importers. Besides, strength in the US dollar against some other currencies overseas and weak opening in domestic equity markets also weighed on the domestic currency. Traders maintained a cautious approach as US Federal Reserve chair Janet Yellen and at least five other central bank officials are scheduled to speak on Friday and ahead of the French presidential election on Sunday. On the global front, Euro traded near a six-month high against the dollar on Friday, supported by expectations that centrist Emmanuel Macron will win France's presidential election.
USDINR
Support at 63.90 and Resistance at 64.60
Looks positive and could touch its resistance level of 64.60, Weekly close 64.60 will take 65.00—65.30++ mark else it could touch its support level of 63.90 again.
Fresh selling can be initiated below 63.90.
GBPINR
Support at 82.80 and Resistance at 83.75
Trading in range either side breakout with volumes will decide further.
EURINR
Above 70.80….. rally remain continue till 71.10---71.40 and then to 71.80 mark.
Support intact at 70.40 mark.
JPYINR
JPYINR unable to breach its support level of 57.10 and bounced back sharply.
Now what to expect??
Hurdle at 57.70. Weekly close above 57.70 will take it to 58.00—58.30 and then to 58.70.
Support intact at 57.10
More will update soon!!
