Rupee weakens against US dollar on Thursday
Indian rupee weakened against US dollar on Thursday amid fresh capital flight. Rupee fell further by demand for the US currency from importers and banks, and a lower opening in the domestic stock market. On the global front, the dollar wallowed near six-month lows against a basket of major currencies on Thursday as the US political crisis appeared to deepen, and likely to delay any efforts by President Donald Trump to carry out his economic stimulus plans.
USDINR (May)
Support at 64.30---64.00 and Resistance at 64.70
Trading in range either side breakout with volumes will decide further.
GBP-INR
Support at 83.30 and Resistance at 84.00.
Three consecutive closes + weekly close above 84.00 will see sharp upside rally till 85---86.50+++ mark
Looks weak only if closes below 83.30
EURINR
Too skyrocketed from 70.25---71.99 mark
Now what to expect???
Support at 71.00 and Resistance at 72.00
Formed reverse head & shoulder pattern on daily chart.
Break and close above 72.00 will take it to 72.80—73.50+++ mark in days to come else it could touch its support level of 71.40---71.00 again.
Fresh selling can be initiated below 71.00
JPYINR
Our buy call of JPYINR proven great. We recommended buying above 57.00
Now what to expect???
Close above 58.30 will take it to 58.60—58.90 and then to 59.50+++ mark in days to come.
Support and revise stop loss of 57.70
More will update soon!!
