Rupee extends weakness for third straight session
Indian rupee extended its weakness for the third consecutive day on Thursday, due to continued capital outflows amid growing demand for dollar from importers. Sentiment remained subdued with ratings agency ICRA’s report that funding of crop loan waivers would likely worsen the fiscal deficit and leverage levels of state governments. According to the report, there is a significant risk that productive capital spending may end up being used to fund a portion of the loan waivers, impacting the growth of overall investment activity in the country. However, the losses were contained because of a weak dollar against key global currencies. On the global front, dollar eased versus yen on Thursday as a recent rally tied to bets on another US interest rate hike this year lost steam.
USDINR (June)
Support at 64.30 and resistance at 64.60---64.75
Trading in range either side breakout with volumes will decide further.
GBP-INR
Support at 81.70 and Resistance at 82.05
Above 82.05 will take it to 82.30—82.60++ mark else could touch its support level of 81.70.
Fresh selling can be initiated below 81.70
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!!
