Rupee extend gains taking cues from equity markets
Maintaining its good form for the third day, Indian rupee ended higher against dollar on Friday due to sustained selling of the US currency by exporters and banks. Sentiments remained upbeat with private weather forecaster Skymet’s statement that the increase in pre-monsoon showers across India is hinting at the arrival of monsoon 2017, which is not very far away. The weather forecasting agency predicted that monsoon will make an onset over Kerala by May 29, with a margin of error of three days. Some support also came with a private report stating that India maintained its number one position of being world’s top most Greenfield FDI investment destination for the second year in a row, attracting $62.3 billion in 2016. The rupee got additional support with increased foreign fund inflows along with higher domestic equity market, which zoomed to new highs. On the global front, British pound fell sharply against major crosses on Friday, after a poll showed a further narrowing of the Conservative Party’s lead before the U.K.’s general election.
Today currency derivatives future-Opt contract for May-2017 will expire at 12.30 P.M
USDINR (June)
Support at 64.65 and Resistance at 64.90
Close above 64.90 will take it to 65.05—65.25 mark, else could touch its support level of 64.65 again.
Fresh selling can be initiated below 64.65 mark.
GBP-INR
Support at 83.10 and Resistance at 83.50
Break and sustain below 83.10 will take it to 82.80---82.50 mark else could touch its resistance level of 83.40 again.
Fresh buying only above 83.50
EURINR
Hurdle at 72.30 and Support at 72.70
Break and sustain below 72.30 will take it to 71.80—71.50 mark in days to come.
Fresh buying only above 72.70
JPYINR
Hurdle at 58.45, Break and sustain above 58.45 will take it to 58.70—59.00 ++ mark.
Support intact at 58.00
More will update soon!!
