Rupee strengthens on selling of American currency by banks and exporters
Indian rupee strengthened against the US dollar on Monday on account of selling of American currency by banks and exporters. Rupee improved further on positive economic data after retail inflation fell sharply to 2.99 percent in April from 3.90 percent in March, while inflation based on the wholesale price index slipped to a four-month low of 3.85 percent in April. Further, a higher opening in domestic stocks and continuous foreign capital inflows too kept the rupee on a firm ground. But the dollar's strength against some currencies overseas capped the rupee's gains.
USDINR (May)
Support at 64.10 and Resistance at 64.85—64.90
Looks weak and could touch its support level of 64.10, Close below 64.10 will take it to 63.80—63.55 else could touch its resistance level of 64.85—64.90 mark.
Further upside rally will see above 64.90 only.
GBP-INR
Support at 82.70 and Resistance at 83.30
Looks positive and could touch its resistance level of 83.30, Break and sustain above 83.30 will take it to 83.70—83.90 and then to 84.20++ mark in days to come else could touch its support level of 82.70
Fresh selling can be initiated below 82.70 mark.
EURINR
Support at 70.00 and Resistance at 70.45
Close above 70.45 will take it to 70.70—71.00 and then to 71.30++ mark in days to come else could touch its support level of 70.00 mark.
Fresh selling can be initiated below 70.00
JPYINR
Support at 56.50 and Resistance at 56.95
Close below 56.60 will take it to 56.30—56.00 mark else could touch its resistance level of 56.95
Further upside rally will see on close above 56.95 mark.
More will update soon!!
