Rupee weakens on fresh demand for American currency
Indian rupee weakened against the US dollar on Tuesday amid fresh demand for the American currency. However, a spectacular opening in domestic equities following robust foreign fund inflows and dollar's weakness in global markets capped some losses. On the global front, the euro touched a one-week high on Tuesday ahead of the release of euro zone gross domestic product data, as the dollar struggled to gain traction in the wake of a surprisingly soft US manufacturing report.
USDINR (May)
Support at 64.10 and Resistance at 64.35
Break and sustain below 64.10 will take it to 63.80---63.55 else could touch its resistance level of 64.35 again.
Further upside rally will see above 64.35 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
Yesterday we recommended buying in EURINR around 70.25. Just made high of 70.80
Now what to expect??
Hurdle at 71.00. Break and close above 71.00 will take it to 71.30—71.50 mark and then to 71.80++ mark in days to come.
Support intact at 70.25
JPYINR
Support at 56.50 and Resistance at 57.00
Trading in range either side breakout with volumes will decide further.
More will update soon!!
