Rupee trades almost flat against US dollar on Friday after a positive start
Indian rupee was trading almost flat against the US dollar on Friday after a positive start on sustained selling of the American currency by exporters and banks. Weakness in the dollar against some currencies overseas, increased foreign fund inflows and firm domestic equity market, also supported the rupee. On the global front, commodity currencies got off to a shaky start on Friday, having tracked oil prices lower, after a meeting of OPEC countries disappointed some investors who had hoped for larger production cuts. Sterling slipped after an opinion poll showed that Britain's opposition Labor Party has cut the lead of Prime Minister Theresa May's Conservatives to five points ahead of a June 8 national election.
USDINR
Support at 64.50 and Resistance at 64.80
Break and sustain below 64.50 will take it to 64.25—64.00 and then to 63.80 mark else could touch its resistance level of 64.80 again.
Fresh buying can be initiated above 64.80
GBPINR
Support at 83.00 and Resistance at 83.85
Break and sustain below 83.00 will take it to 82.60---82.30 and then to 81.80 mark else could touch its resistance level of 83.85 again.
Fresh buying only above 83.85.
EURINR
Hurdle at 72.70 and Support at 72.10
Break and sustain below 72.20 will take it to 71.80—71.50 mark in days to come.
Fresh buying only above 72.70
JPYINR
Support at 57.60….Close below 57.60 will take it to 57.30—57.00 and then to 56.50 mark.
Hurdle at 58.25
More will update soon!!
