Indian rupee ended marginally higher against dollar on Tuesday due to sustained selling of the US currency by exporters and banks. Sentiments remained positive, as retail inflation as well as industrial output data served to bolster expectations of a rate cut by the RBI. Data released late on Monday showed consumer inflation easing to 2.18% in May, helped by a drop in food prices - the lowest since India started publishing an economy-wide consumer price index in 2012. Besides, India’s industrial production grew by 3.1 percent in April 2017, as compared to 2.7 percent in the month of March 2017 and against a drop of 1.2 percent in February 2017. The growth was due to good performance of electricity, mining and manufacturing sectors. On the global front, dollar gained against yen ahead of a two-day US Federal Reserve meeting that is likely to provide hints on the central bank’s interest rate policy for the remainder of the year.
USDINR (June)
Support at 64.25 and resistance at 64.60
Trading in range either side breakout with volumes will decide further.
GBP-INR
Hurdle at 82.40 , Break and sustain above 82.40 will take it 82.60—82.80++ mark else could touch its support level of 82.00
Fresh selling can be initiated below 82.00
EURINR
Support at 72.15 and resistance 72.60
Looks weak, close below 72.15 will take it to 72.00---71.80 mark else could touch its resistance levels of 72.60
Fresh buying can be initiated above 72.60
JPYINR
Support at 58.50 and Resistance at 58.85
Close below 58.50 will take it to 58.30—58.10++ mark in days to come else could touch its resistance level of 58.85 mark again.
Fresh buying can be initiated above 58.85 mark.
More will update soon!!
