Rupee wipes off early losses; ends stronger on Friday
Recovering from its initial losses, Indian rupee ended stronger against dollar on Friday, owing to dollar sale by exporters and banks. Sentiments remained positive as India's exports grew 8.32 per cent to $24.01 billion in May, mainly on account of robust performance by sectors like petroleum, chemicals, engineering goods as well as gems and jewellery. Some support also came with the report that India has moved up six places from 66th in last year to reach 60th position in this year's Global Innovation Index (GII). However, gains were muted as the current account deficit (CAD) soared to $3.4 billion or 0.6 per cent of gross domestic product (GDP), in the fourth quarter of fiscal 2017, from $0.3 billion a year ago. On the global front, US Dollar recorded a two-week high against major global currencies backed by positive economic data.
USDINR (June)
Support at 64.30 and resistance at 64.60
Trading in range either side breakout with volumes will decide further.
GBPINR
Support at 82.30 and Resistance at 82.50
Break and sustain below 82.30 will take it to 82.10—81.95 mark else could touch its resistance level of 82.50 mark
Fresh buying can be initiated above 82.50 mark.
EURINR
Support at 72.00 and resistance 72.40
Trading in range either side breakout with volumes will decide further.
JPYINR
Support at 57.90 and Resistance at 58.35
Looks positive and could touch its resistance level of 58.35. Close above 58.35 will take it to 58.70—58.90+++ mark else it could touch its support level of 57.90 mark again
Fresh selling can be initiated below 57.90 mark.
More will update soon!!
