Rupee strengthens against the US dollar on Wednesday
Indian rupee strengthened against US dollar on Wednesday, due to sustained selling of the US currency by exporters. Sentiments got boost with the Moody's Investors Service’s report stating that Indian economy will grow by 7.5 per cent in the current fiscal year, 7.7 per cent in 2018-19 and will reach to around 8 per cent in 3-4 years on the back of government's various reforms. Some support also came with report that Southwest monsoon arriving in Kerala on the expected date this year and also advancing into some parts of the Northeast India. Besides, a weak dollar against some other currencies overseas too supported the uptrend. However, investors maintained cautious approach ahead of the fourth quarter gross domestic product (GDP) numbers, slated to be announced later today. On the global front, Sterling dropped against dollar, after a projection by polling company YouGov showed Britain's ruling Conservative party falling short of an overall majority in the June 8 national election.
USDINR (June)
Below 64.70 panic remain continue till 64.40—64.25 and then to 64.10 mark.
Hurdle intact at 65.00
Fresh buying can be initiated above 65.00 mark.
GBP-INR
Support at 83.10 and Resistance at 83.35
If unable to breach its resistance level of 83.35 then it can touch its support level of 83.10 again, below 83.10 will take it to 82.95—82.75 mark.
Fresh buying can be initiated above 83.35 mark.
EURINR
Support at 72.30 and Hurdle at 72.70
Above 72.70 rally remain continue till 73.00—73.10 mark else could touch its support level 72.30 again.
Fresh selling can be initiated below 72.30 mark.
JPYINR
Support at 58.25 and Resistance at 58.60
Trading in range either side breakout with volumes will decide further.
More will update soon!!
