Rupee strengthens on selling of American currency by banks and exporters
Indian rupee strengthened against US dollar on Monday on account of selling of the American currency by banks and exporters. Further, domestic stock markets opened on a firm note buoyed by the positive openings of the Asian markets too supported the rupee. On the global front, the dollar struggled to push ahead on Monday, holding near six-month lows against a basket of currencies as investors assessed the impact of US political turmoil and a resurgent euro.
USDINR
Support at 64.35 and Resistance at 65.10
Break and sustain below 64.35 will take it to 64.00—63.90 and then to 63.60 mark in days to come else could touch its resistance level of 65.10 again.
Fresh buying can be initiated above 65.10 mark.
GBPINR
Support at 83.50 and Resistance at 84.70
Close below 83.50 will take it to 83.00---82.80 and then to 82.30 mark else could touch its resistance level of 84.55---84.70 mark again.
Further upside rally will see above 84.70 mark.
Trade with levels only
EURINR
Above 72.50 it can touch 72.80—73.00 and then to 73.50+++ mark in days to come else it could test its support level of 71.90---71.50 again.
Fresh selling can do only close below 71.50 mark.
JPYINR
We have seen mindblowing rally in JPYINR from 57.00---58.9150.
Now what to expect???
Still looks positive and could test 58.80---59.20 and then to 60.30 mark
Immediate support intact at 57.50--57.20 while major support intact at 56.50.
Traders can buy in panic near to its support with strict stop loss below 56.50 on closing basis.
More will update soon!!
