Rupee ends weaker against dollar on Fed rate hike
Indian rupee ended considerably weaker against the US dollar on Thursday due to fresh demand for the American currency from banks and importers. Sentiments remained dampened as the US Federal Reserve raised interest rates, citing continued US economic growth and job market strength, and announced it would begin cutting its holdings of bonds and other securities this year. Some concern also came with media reports that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice. Moreover, lackluster local equities along with modest capital outflows too weighed on the currency trade. On the global front, dollar inched higher against yen on Thursday, with expectations of another Federal Reserve rate hike this year pointing the way to a trimming of the huge emergency funds pumped into the economy since 2009.
USDINR (June)
Support at 64.60 and resistance at 64.85
Looks positive and could touch its resistance level of 64.85, Weekly close above 64.85 will take it to 65.00—65.10 mark, else could touch its support level of 64.60.
Fresh selling can be initiated below 64.85
GBPINR
Yesterday we clearly indicated looks positive above 82.40 Just made high of 82.80.
Now what to expect??
Close above 82.80 will take it to 83.00—83.20++ mark else could touch its support level of 82.50 mark.
Fresh selling can be initiated below 82.50 mark.
EURINR
Support at 72.15 and resistance 72.60
Trading in range either side breakout with volumes will decide further.
JPYINR
Support at 58.50 and Resistance at 58.85
Below 58.50 panic remain continue till 58.20—58.00 and then to 57.80 mark else could touch its resistance level of 58.85 mark.
Fresh buying can be initiated above 58.85
More will update soon!!
