Rupee depreciates on dollar buying
Indian rupee depreciated against the US dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Sentiments remained subdued with finance minister Arun Jaitley’s statement that the economy will have to face short-term challenges in implementing the biggest tax reforms since Independence. Some concern also came with Fitch Rating’s latest report that demonetisation of old Rs 500 and 1,000 notes had a material impact on spending as reflected in significant slowing of GDP growth in January-March and warned that the ongoing steep decline in investment could spell risks to growth potential. Besides, dollar’s strength against some currencies overseas also pushed down the rupee. On the global front, dollar hit a three-week high against a basket of currencies on Tuesday, after an influential Federal Reserve official said U.S. inflation would pick up as wages improved, bolstering bets on the Fed continuing to raise interest rates
USDINR (June)
Support at 64.30 and resistance at 64.60
Above 64.60 rally remain continue till 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
Yesterday we clearly indicated GBP INR looks weak below 82.30, Just made low of 81.65
Now what to expect??
Support at 81.50 , Break and sustain below 81.50 will take it to 81.20---80.80 mark else could touch its resistance level of 82.00
Fresh buying can be initiated above 82.00 mark.
EURINR
Support at 71.95 and resistance 72.40
Trading in range either side breakout with volumes will decide further.
JPYINR
Support at 57.80 Resistance at 58.35
Trading in range either side breakout with volumes will decide further.
More will update soon!!
