Rupee snaps 3-day losing run on Friday
Snapping three-day losing streak, Indian rupee recovered against the American currency on Friday, on the back of dollar sales by exporters and bank. Sentiments got some support with Urjit Patel’s statement that the GST regime will expand the taxation base which in turn will lower the overall tax burden in the long-term. Investors shrugged off the report that funding of crop loan waivers is likely to worsen the fiscal deficit and leverage levels of state governments with gross state development loans issued by the state governments expected to rise by Rs 70,000 crore in FY2018. Besides, dollar weakness against other currencies overseas also supported the rupee sentiment but capital outflows from the domestic equity market restricted the further gains. On the global front, dollar eased against yen on Friday, as investors awaited US inflation data due next week to provide clues on the US Federal Reserve’s likely interest rate policy.
USDINR
Support at 64.30 and resistance at 64.60---64.75
Trading in range either side breakout with volumes will decide further.
GBPINR
Support at 81.70 and Resistance at 82.30
Looks positive and could touch its resistance level of 82.30. Break and sustain above 82.30 will take it to 82.60—82.80 and then to 83.00++ mark in days to come else could touch its support level of 81.70 mark.
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 57.60 and Resistance at 57.80
Break and sustain below 57.60 will take it to 57.30—57.10 mark in days to come else could touch its resistance level of 57.80 mark.
Fresh buying can be initiated above 57.80 mark.
More will update soon!!
