Rupee strengthens on fresh selling of American currency by exporters and banks
Indian rupee strengthened against the US dollar on Monday on account of fresh selling of the American currency by exporters and banks. Besides, a firm domestic equity market and fresh bout of foreign fund inflows too added support to domestic unit. However, the dollar’s recovery against some currencies overseas on a strong US jobs report restricted the rupees’ up move. On the global front, the euro pulled away from highs hit early in the Asian session on Monday as investors took profits from its gains after centrist Emmanuel Macron's victory over the far-right Marine Le Pen in France's presidential election.
USDINR (May)
Support at 64.20 and Resistance at 64.60
Close below 64.20 will take it to 64.00—63.90 mark else could touch its resistance level of 64.60 again.
Fresh buying can be initiated above 64.60 level only.
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 and could touch 71.10---71.40 and then to 71.80 mark else it could touch its support level of 70.40 again.
Fresh selling can be initiated below 70.40
JPYINR
Support at 57.00 and Resistance 57.60
Close below 57.00 will take it to 56.70---56.30 and then to 55.90 mark, else could touch its resistance level of 57.60 mark again.
Fresh buying can be initiated above 57.60
More will update soon!!
