Rupee strengthens on fresh selling of American currency by banks and exporters
Indian rupee strengthened against the US dollar on Wednesday on account of fresh selling of the American currency by banks and exporters. Further, firm domestic equity market also supported the rupee but the dollar’s strength against some currencies overseas, capped the rupee’s gain. On the global front, the dollar held firm on Wednesday, having rebounded from 6-1/2-month lows against its major peers helped by a rise in US Treasury yields, while the yuan eased after Moody's cut its sovereign rating on China due to concerns over the country's soaring debt.
USDINR (May)
Support at 64.50 and Resistance at 65.10
Break and sustain above 65.10 will take it to 65.50—65.80 mark in days to come else could touch its support level of 64.50 again.
Trade with levels only
GBPINR
Support at 83.50 and Resistance at 84.70
Trading in range either side breakout with volumes will decide further.
EURINR
Hurdle at 73.10 and Support at 72.45
Break and sustain below 72.45 will take it to 72.10---71.80 mark in days to come.
Fresh buying only above 73.10
JPYINR
Support intact at 57.90. Break and close below 57.90 will take to 57.60---57.30 mark
Hurdle intact at 58.25
More will update soon!!
