Rupee strengthens on fresh selling of US currency by exporters
Indian rupee strengthened against the dollar on Thursday with fresh selling of the US currency by exporters amid foreign fund inflows and a higher opening in the domestic equities market. Besides, a weak dollar overseas also supported the rupee. Forex market remained closed yesterday on account of 'Buddha Purnima’. On the global front, the dollar edged lower after notching an eight week high against the yen on Thursday in Asian trade, while the New Zealand dollar tumbled after its central bank suggested a tightening was further out than markets had priced in.
USDINR (May)
USDINR…unable to breach resistance level of 65.00 and slipped.
Now what to expect??
Support at 64.45 and Resistance at 65.00
Close below 64.45 will take it to 64.15---64.00 mark else could touch its resistance level of 65.00 again.
Fresh buying can be initiated above 65.00
GBP-INR
Hurdle at 83.90, Break and sustain above 83.90 will take it to 84.15—84.30++ mark.
Support intact at 83.50 mark.
Fresh selling can be initiated below 83.50
EURINR
Below 70.40, panic remain continue till 70.20—70.00 and then to 69.85 mark, Else could touch its resistance level of 70.65.
Fresh buying can be initiated above 70.65
JPYINR
We recommended selling in JPY/INR below 57.05, it crashed and made low of 56.62.
Now what to expect??
Below 56.70 panic remain continue till 56.30—55.90 mark.
Hurdle at 57.00
More will update soon!!
