Rupee strengthens a bit against dollar on Monday
Indian rupee, after making a good start, gave away most of its gains and ended a bit stronger against dollar on Monday, on account of dollar selling by banks and exporters. Local currency got some support with Finance Minister Arun Jaitley’s statement that India will launch a new national Goods and Services Tax (GST) as planned on July 1 and gave return filing breather to India Inc for two months. The rupee sentiments were also buoyed by firm equities, but the dollar's strength against other currencies overseas restricted the rupee's gains. On the global front, dollar steadied against a basket of currencies on Monday, as investors awaited comments by a top Federal Reserve official for clues on whether recent strength can be sustained.
USDINR (June)
Support at 64.30 and resistance at 64.60
Break and sustain above 64.60 will take it to 64.75—64.90 and then to 65.10 mark, else could touch its support level of 64.30 mark.
Fresh selling can be initiated below 64.30
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
Below 57.95 panic remain continue till 57.60—57.30 and then to 57.00 mark.
Hurdle intact at 58.35
More will update soon!!
