* Rupee weakens on increased demand for American currency from importers*
Indian rupee weakened against the US dollar on Tuesday on account of increased demand for the American currency from importers amid sustained foreign fund outflows. Rupee fell further as the dollar gained strength against other currencies overseas, as investors raised expectations of another US interest rate hike next month. However, a firm domestic equity market restricted the rupee’s losses. On the global front, the euro pulled back from recent six-month highs on Tuesday, but remained well-supported as fading worries over political populism and signs of improving economic conditions in Europe bolstered investor confidence.
USDINR
Above 64.60 rally remain continue 65.00—65.30++ mark in days to come.
Support and stop loss intact at 64.20.
GBPINR
Yesterday we recommended buy in GBPINR around 83.50…it flared and made high of 83.67. We booked profit around 83.63.
Now what to expect??
Hurdle at 83.75. Close above 83.75 will take it to 83.90—84.00 and then to 84.15+++ mark in days to come.
Support at 83.25
EURINR
Support at 70.40 and Resistance at 71.00
Trend looks weak and could touch its support level of 70.40 mark.
Break and sustain below 70.40 will take it to 70.10—69.80 mark else it could touch its resistance level of 71.00 again.
Fresh buying can be initiated above 71.00
JPYINR
Support at 57.05 and Resistance 57.60
Close below 57.05 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!!
